What is Digital Currency Analysis and Best Currency Trading Platforms – Our Trade
What is meant by digital currency analysis, In the era of digital dominance, cryptocurrencies have become a source of income for thousands of traders, and the idea of their existence has become inevitable. On the other hand, the usual cash transactions have decreased to be replaced by electronic transactions and payments. They have also taken the path of global financial transactions. These currencies depend on a system of encryption and complex algorithms that are difficult to solve. Even if its solution or decoding is theoretically possible, in reality its confidentiality cannot be revealed. In this article, we learn what is meant by digital currency analysis.
What is meant by digital currency analysis
Digital currency trading screens seem a bit complicated to those who try to understand the ascending and descending lines with the overlapping of red and green colors, and some may think that it needs professionalism and training courses that contribute to understanding what is going on around this virtual world, the fact that reality imposes on the person before going into this field a consultation Experienced people with a study of prevailing terminology, we provide an explanation of the analysis of digital currency in the following points:
- Technical analysis of digital currencies is based on the prices of previous digital currencies and their indicators, in order to predict what will happen to these currencies in terms of a new reality or radical changes, and perhaps a decline or progress in those currencies.
- Also, the data and data for reading prices determine whether the currency will witness an increase or decrease.
- Knowing that changes and fluctuations are not random, but are subject to several patterns based on supply and demand for currencies.
- Taking into account psychological factors such as feelings of fear and anxiety, also the supply and demand side of technical analysis.
- Influencers play a major role in the price movement of digital currencies, so when studying the price movement, the chart and its readings must be taken into account to predict prices, regardless of the causes.
Watch also: How to invest in digital currencies, trading methods and steps, and the best trading platforms
Cryptocurrency trading symbols
New technologies have brought about a major shift in the system of dealing with digital currencies, as it is inevitable, especially with its great expansion and the attraction of customers to deal with it in payment in many places without the presence of any significant risks in the event of real training on the mechanism of its use, with the need to know the symbols Trading digital currencies, which we mention below:
Digital currencies against the US dollar
- Where bitcoin is against the dollar – symbol: BTC/USD
- Impact against the dollar – symbol: ETH/USD
- Also, Bitcoin Cash against the dollar – symbol: BCH/USD
- Litecoin against the dollar – symbol: LTC/USD
- As for Ripple against the dollar – symbol: XRP/USD
- Ethereum classic against the dollar – symbol: ETC / USD
- While Dash Coin against the dollar – Code: DSH / USD
- Stellar against the dollar – symbol: XLM / USD
- EOS is also against the dollar – symbol: EOS / USD
- Monero against the dollar – symbol: XRM / USD
- Also, Zcash against the dollar – symbol: ZEC / USD
Major cryptocurrency symbols against the euro
- Also, Bitcoin against the Euro – symbol: BTC/EUR
- Impact against the euro – symbol: ETH/EUR
- Also, Bitcoin Cash against the Euro – symbol: BCH/EUR
- Litecoin against the Euro – Symbol: LTC/EUR
- As Ripple against the Euro – symbol: XRP/EUR
- Ethereum Classic against the Euro – Symbol: ETC / EUR
- Moreover Dash Coin against the Euro – Symbol: DSH / EUR
- Stellar against the Euro – Symbol: XLM / EUR
- Also, EOS against the euro – symbol: EOS / EUR
- Monero against the Euro – Symbol: XRM / EUR
- Also, Zcash against the Euro – Code: ZEC / EUR
Cross cryptocurrency pairs
- As bitcoin cash vs bitcoin
- Dash coin vs bitcoin
- So is EOS vs Bitcoin
- Ethereum classic vs bitcoin
- Also Ethereum vs Bitcoin
- Litecoin vs Bitcoin
- Also Stellar vs Bitcoin
- Moinero vs Bitcoin
- While Ripple vs Bitcoin
- As for Zcash in exchange for Bitcoin
See also: RVN cryptocurrency price Project Currency
The best digital currency trading platforms
With the coincidence of the rise in the price of Bitcoin, where it reached $1,000 in its beginnings and ended up reaching a historical high of $68,000, then it began to decline in 2022, when it reached 42,000, these indicators are a conclusive indication of the future of digital currencies. We explain below the best platforms Cryptocurrency trading:
|pads||Most important information about it|
|binance||Cryptocurrency trading platform|
|eToro||It is a cryptocurrency trading platform for beginners|
|BlockFi||It is also a platform for buying and trading digital currencies|
|Coinbase||It is known as an American platform for trading various digital currencies|
|capital||As the best trading platforms that support the Arab countries|
|Hobby||It is the most powerful cryptocurrency trading platform in the world|
|holding on||A trading platform that supports many different assets from gold to stocks|
|A legendary sea monster||It is a cryptocurrency trading site for professionals|
|Queen Mama||The best platforms for cryptocurrency trading|
|encryption||Also among the best site for trading digital currencies of all kinds and forms|
|Bitcoin IRA||A company for trading digital currencies that is applied to mobile devices and computers|
|Hodlnaut||It is a cryptocurrency site based on Bitcoin|
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How to trade cryptocurrency successfully
The use of financial instruments and their derivatives contributes to the success of trading, such as following contracts for difference, before delving into that, the market must be analyzed based on previous data and data, which determine the correct direction towards choosing the appropriate platform for the trading process. We explain the following how to trade digital currencies successfully:
Choose a specific trading style
- Following a cryptocurrency trading pattern is of great importance for beginners.
- He is able to explain how trading decisions are made
- It also sets the right course while directing you to the data you need to realize where you want to be.
Do research and analysis
- Cryptocurrency trading decisions are based on prior research and analysis.
- Decisions taken after research operations depend on the importance and weight of technical analysis as well as the use of fundamental analysis.
Keep your emotions and external factors away from the markets
- We often base our decisions on feelings, whether they are positive or negative.
- But in the case of the digital currency market, those emotions and feelings need to be controlled and neglected, so intuition is not required here.
- With the need to learn everything that goes around in those markets and develop yourself to be a leader and able to make the right decisions.
Be realistic and focus on the reward risk
- Profit and loss are two factors that are always raised in all commercial dealings, and the most important thing is how to manage losses and reduce them to the lowest risks.
- Traders are also allowed to search for advanced trading features that contribute to obtaining profits, which we explain below:
- In terms of protection from the fluctuations in the digital currency market.
- Limit losses on pending orders that fall into price gaps.
- With the possibility of executing limit orders, and collecting profits even in the presence of high spot prices, this lies in converting them into market orders.
- Also, avoid activating orders due to wide spreads, in the event that there is no actual movement in the market.
- Also limit maximum price falls on the market and stop orders.
Types of digital currencies and their prices
A digital currency is an electronic currency that takes place in the midst of virtual exchanges between a group of people. The analysis of digital currencies is done by using the data on the stock exchange screens. Many secure platforms have been established to trade these currencies. The most important types of digital currencies and their prices are in the following table:
|the currency||its price|
|Reached $38,000 with a growth rate of more than 7,500%|
It reached more than $3,450 in April 2022, an increase of 31,000%.
The market value of the coin is more than 79 billion dollars, and its price is one dollar
The price of the coin reaches about $425.21
This currency is used in global transactions, with a market value of more than $50 billion.
The market capitalization of Litecoin has reached $7.4 billion
About $4.4 billion and worth about 18 cents
What is meant by digital currency analysis? Cryptocurrency trading has become a living reality, and dealing with it is global. Banks are currently moving towards adopting virtual currencies due to their importance in the lives of many.