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Investing in Bitcoin or any other kind of cryptocurrency can be a bit of a whirlwind affair. Things are constantly happening in the Bitcoin market and keeping track can feel like an impossibility. With things moving so quickly, it can feel tough to know when the right time to sell is.
In order to make the right move, you need Bitcoin price tracking tools. The good news is that there are several tools available that fit the bill. When all is said and done, you can feel confident that you are up to date on Bitcoin price and ensure that you are getting out when you are most ready.
Blockchain Explorers
When you really get into it, you will find quickly that there are so many avenues through which you can track BTC price. While each investor has their personal preferences, you can’t go wrong with a blockchain explorer. This tool allows you to view any and all information as it relates to both current and past transactions within a particular blockchain.
The key to investing is being informed. The more information you have, the better positioned you will be to make the right decision. With a blockchain explorer, you can keep up with transactions that have happened on that blockchain. Even better, there are an array of blockchain explorers to choose from, so you can find something that works best for your personal preferences.
Decentralised Exchanges
Given that Bitcoin and cryptocurrencies are about creating decentralized transactions, it only makes sense that there are decentralized exchanges as well, right? If you plan to closely track BTC price, using one of these exchanges is a great way to get decentralised data that provides insight on when to sell.
Take the time to look at the trading data of Bitcoin. Look at the prices, trades, and the volumes of those trades in an effort to find patterns or trends regarding price fluctuations. It is a fantastic way to get a feel for the market, better timing things so that you can sell at the right time. Like anything else, it is best to take this tool, get familiar with it, and build your knowledge base before acting.
Price Alert Tools
Life gets in the way at times, so it can be difficult to get a live update on Bitcoin prices when you really want them. So, what better way to keep track than by implementing Bitcoin price alerts? Users can create custom notifications based on specific Bitcoin market conditions. Having notifications in place allows you to make fast, timely decisions based on specific market conditions.
Users are able to set a variety of notifications. Percentage price changes, price thresholds, market sentiment or news, and so much more can be added to your dashboard. Never fear missing out on a stark price change because you aren’t actively checking. A price alert tool may be the most valuable on this list.
Market Analysis Tools
One of the first things you will note when researching Bitcoin is how volatile the market is. Throughout its relatively short history, Bitcoin has had some incredible rises and horrifying falls. But within those changes, there have been trends and developments that allowed sharp investors to take advantage.
With market analysis tools, users can garner more insight and information on the volatility of the market. With access to historical trading volumes and trade data, smart investors will have more information than ever with which to detect and track trends. Though there isn’t a 100% accurate way to predict those trends, learning how to recognize them can be a difference-maker.
Reviewed and edited by Albert Fang.
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Article Title: Essential Tools for Tracking BTC Price
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