Bitcoin trading has many advantages. For example, the two-way trading mechanism allows investors to make profits regardless of whether the market is rising or falling. It is just an advantage. To realize it, traders need to grasp the opportunity to close their positions. So, when is the best time for traders to close their positions when making Bitcoin investments?
In fact, if a trader wants to know the best time to close a position, the first thing to understand is the key points in the Bitcoin chart. The support and resistance points must be clear to the trader. The support point refers to It is the price at which the currency price may encounter support when it falls, and then stop falling and pull back to stabilize. The resistance point refers to the price where the currency price may encounter resistance when it rises, and then stop rising and callback to fall.
After investors know the role of support and resistance points, the following points are the time to close positions:
1. Generally speaking, when the currency price is close to the first support point or resistance point, traders should analyze carefully. At this time, traders may wish to close their positions in real time to avoid market corrections.
2. When the Bitcoin market breaks through a resistance point or support point, traders can observe the actual situation of the resistance point breakthrough. If the second resistance point or support point will not break again, when the price starts to adjust back You should close the position immediately. If you break through, you can continue to hold the position, and then close the position when the third support or resistance point is reached.
3. If it is observed that the price has risen to a certain level for more than 20 minutes and there is no sign of rising again, even if the resistance point is not touched, the trader must close the position; on the contrary, if the price drops to a certain level, the next two If there is no fluctuation within ten minutes, even if the support point has not been touched, the trader has to close the position.
4. After the key market fundamentals were released, the Bitcoin price has not yet reacted as expected, perhaps because the market has digested these signals in the previous period of time, and traders also need to calm down at this time. Warehouse leaves the market.
The above four points are the best time for traders to close a position in Bitcoin. In short, no matter what method is used, as long as investors are ready to close the position, they must analyze based on the support and resistance points, and the time to close the position It is mainly based on the concept of stop-profit and stop-loss, so traders must have a correct direction.
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