Type to search

bitxmi cryptocurrency Exchange News trading charts

What Timeframe Should You Focus on when Trading Cryptocurrency?

Share
trading cryptocurrency

What timeframe should you focus on when trading cryptocurrency?

Bitxmi experts explained which timeframes are best for scalping, intraday, medium, and long-term trading, and why it is important.

trading cryptocurrency

Changes in value in cryptocurrency and other markets are usually presented in the form of a graph, which indicates the price of an asset over a certain period of time. This time period is called a timeframe, and it is he who is considered the main instrument of exchange trading.

Timeframes come in different intervals: minute, hourly, daily, etc. It is recommended to choose them depending on the type of trade. There are no universal time frames, and a trader needs to learn how to work with charts in all time frames.

Scalping

Scalping is earning on rapid fluctuations in the price of an asset. The point of this method is to close a large number of trades with insignificant profit, which ultimately brings tangible income. For scalping, experts recommend using a one-minute timeframe. Trading in short-term timeframes takes the whole day of the trader and is accompanied by a rather high psychological load, so it is better for beginners not to use this method of trading.

Intraday trading

Experts recommend following the movement of quotes in one-minute and 15-minute timeframes. Such time frames are well suited for traders who are going to close trades on the day they open.

Medium and long term trading

Minute timeframes are not suitable for trading cryptocurrencies in the medium and long term, since they are not very informative in this case. For medium-term trading, experts advise using hourly and daily time intervals. In the case of long-term trading, the experts recommend working with daily and weekly timeframes in order to be able to make a forecast for a long period.

Output

Incorrect work with timeframes can lead to losses. It often seems to traders that it is easier to make money on the short-term timeframe since the chart moves quickly there. However, the higher the time interval, the better the technical analysis works since there are fewer market price fluctuations on the medium and long-term timeframes.

Buy, trade, and store cryptocurrency on the Bitxmi crypto exchange

Read actual crypto news and crypto forecasts every day on https://news.bxmi.io/

Join Bitxmi Exchange

Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

Leave a Comment

Your email address will not be published. Required fields are marked *

WP2Social Auto Publish Powered By : XYZScripts.com