Those of you who have invested through bitcoin will want to continue to know the chart of your bitcoin price, you can track the price of bitcoin and the general direction can help tell you when to buy, hold, or sell. Because reading bitcoin price charts is often scary for beginners, we put together a guide to help.
- Can measure the price of bitcoin
- There are types of bitcoin price charts
- How to read a bitcoin price chart
- Predict bitcoin price trends
We can know the value of bitcoin must be from the overall adoption and use, the price does not always reflect that. Like all tradable assets, the price of bitcoin is very much needed by external factors such as public sentiment, supply and demand, and mere speculation.
Like with all currencies, there is no single price for bitcoin at any given time. Different markets trade at different rates, depending on the fees involved, available volume and even the whims of massive individual investors (otherwise known as whales).
There are two main types of bitcoin charts that reflect the level of detail the user wants. Some users look for simple and easily digestible representations of the price of bitcoin.
Those who have personal interests, such as traders and early adopters who can be approved, need a way to support changes in the price of bitcoin, its fundamental influence, and general market direction.
In the bitcoin price chart the simple lines must be very similar from the data on the two axes. It displays prices on the vertical Y axis - Euros, Dollars etc. - according to the time on the horizontal X axis which can be seen by day, week, month or hour depending on the granular you want to get.
A simple line chart will default to a linear scale giving the same weight to price changes across the scale. This is a good way to measure prices broadly.
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