Short-term investments in Bitcoin require a clear understanding of how its price is going to behave, so you definitely need an accurate forecast. Traders Union analysts presented a service for Bitcoin price prediction this week.
Just like most other cryptocurrencies, Bitcoin is known to be extremely volatile: its price can suddenly rise or fall by several tens of percent over the course of just a few days. However, that doesn’t mean it is completely unpredictable. If you know how to interpret the current situation on the market, there are all chances you can successfully predict major price movements for BTC a few days prior. In the latest Traders Union article, the company’s analysts have presented a real-time service that can be used for Bitcoin price prediction this week.
How the service works
Basically, the price of just about any asset is affected by numerous factors. Some of them are more or less fundamental, such as the nature of that asset, the technology behind it, its current standing in the overall economic system, and so on. Such factors mostly affect the price in the long term and are thus covered by fundamental analysis methods. However, there are also short-term factors like the current market trend that can last just a few hours or a couple of days. These factors can be examined with all kinds of technical analysis instruments.
Traders Union analysts have created their service for short-term BTC price forecasts with the use of a variety of technical analysis indicators. These indicators automatically generate signals for all possible timeframes, telling you to buy or sell the coin. You can select any timeframe from the next five minutes to the next week depending on your trading strategy. The analysts also publish their real-time forecast for the BTC price for each day of the next week and even calculate your potential profits. There is also a live chart that shows how the Bitcoin price actually changes.
The most important indicator used by Traders Union is a moving average (MA). MAs are mostly used on the stock market, but they are very useful on the crypto market, too. The indicator allows you to get rid of random noise and see the current trend clearly, making it possible to predict prices.
Where to trade Bitcoin
Bitcoin remains the leading cryptocurrency in the world by market cap, so it’s featured on just about all crypto exchanges. However, the most reliable and effective option among them is the ByBit exchange, according to Traders Union experts. This platform is rather cheap, secure, and extremely popular. You can start trading BTC futures with just $1 on your deposit, and the leverage goes up to 100:1. ByBit is also notably novice-friendly, so you can learn how to trade there even without any prior experience.