What's the long-term outlook for Bitcoin
Looming recession and aggressive monetary policy by all major central banks create some great perspectives for Bitcoin long term.
Cryptocurrency may still compete with gold for being the major alternative to the fiat money, but it seems it doesn't matter who will win the race.
When the opportunity comes both will be in very high demand, and there will be a place for astronomic profits for both gold and cryptocurrency owners.
The biggest problem with holding Bitcoin is the timeframe. Local sellouts and the experience of the bubble burst of the 2017/2018 were a tough psychological blow to many.
Margin day trading can be a great hedge for cryptocurrency investors as well as simple crypto enthusiasts, who don't have funds to make a larger long-term investment.
Margin trading Bitcoin gives you two great opportunities:
- You can profit whenever BTCUSD goes up or down
- You can trade with leverage - make huge profits investing little money
There are several apps that allow everybody to
trade with a margin. SimpleFX WebTrader is one of the best. It allows opening cryptocurrency accounts where you
can deposit Bitcoins (or six other cryptocurrencies) and what's even more
important to withdraw your profits directly to your crypto wallet
Recently Bitcoin has stabilized a little bit, as its price range narrows. There are significant concerns among cryptocurrency bulls about BTCSD breaching the support at $10,120 which would open the way to dropping below $10,000.
Bitcoin is over 10 years old, but still, for a currency, it's very young. That's why it would be a strong candidate for dropping off the cliff.
Let me show you how it could be done. Let's go back to November 2018, when Bitcoin dropped 45% in just 10 days. It was a nightmare for every Bitcoin holder to see the value go down again from $6300 to $3500.
However, it was quite easy to hedge against it opening
a short position. As you can see even a beginner trader could notice a strong
support line at $6000. If you were a Bitcoin bull at the time, you would have
been very scared of the price dropping below the mark.
That's why I opened a pending "SELL" order on SimpleFX WebTrader that would execute at the price of support. I don't deposit big money to my margin trading accounts since I know it's quite risky, but I want to be compensated in case Bitcoin goes down.
I closed my position manually after the green 1-day candle appeared at $3900. Still was able to make a nice profit.
WithSimpleFX WebTrader you don't even have to plan ahead. The app works great on smartphones, even the old ones with small screens. All you have to do is to have an account funded and ready to trade.
Usually, when the news comes and prices start to swing, you have no time to make a deposit. However, with SimpleFX you don't have to deposit large sums since the platform has no minimum deposits.
Despite its volatility, Bitcoin has proved to be an excellent long-term investment so far. Of course, cryptocurrency skeptics would threaten crypto holders pointing at the possible scenarios of Bitcoin value evaporating. So far they have been wrong, and with every year the blockchain technology is maturing.
With every day cryptocurrency survive, it's chances to go on growing.
When you hear news about the likely fiat monetary system collapse, be ready to make a call and buy some cryptocurrency. WithSimpleFX WebTrader you are just one swipe away from making the trade of your life.
This article was submitted by SimpleFX.