Home Crypto Bitcoin How to make a Bitcoin: USD/BTC (BTC=X) conversion

How to make a Bitcoin: USD/BTC (BTC=X) conversion

29
0

How to make a Bitcoin: USD/BTC (BTC=X) conversion

There may come a time when you need to convert your Bitcoin into fiat or another cryptocurrency.

Perhaps you want to realise a profit, simply need the cash, or believe another cryptocurrency offers more potential.

There are several different ways you can sell Bitcoin, and there are also lots of exchanges that enable you to convert Bitcoin into fiat currency such as GBP or another cryptocurrency like Ethereum.

The first step is to ensure the timing is right – and that’s where a Bitcoin calculator comes into play.

Bitcoin calculators

Bitcoin calculators are an essential tool if you’re considering converting Bitcoin to cash because they show you how much currency you’ll get for your Bitcoin.

Since the price of Bitcoin is extremely volatile, it’s important to check its conversion rate in real time. This will ensure you don’t end up cashing in at the wrong moment – for example, when Bitcoin’s value has just plummeted.

There are a whole host of free Bitcoin calculators available on the web which let you convert Bitcoin to and from a range of world currencies using up-to-date exchange rates.

You can check the live Bitcoin rate with GBP, EUR, USD, JPY, and lots more fiat currencies. Some calculators also show the closing rate of the previous day as well as the highest and lowest rates of the conversion.

If you think the price is worth it, the next step is to make a Bitcoin conversion.

Converting Bitcoin to fiat

The main method of converting Bitcoin to fiat is to sell it on a cryptocurrency exchange. A crypto exchange lets you quickly and easily exchange your Bitcoin for a wide range of world currencies. The exchange essentially acts like a middleman between you and the buyer and will take a cut via trading fees.

To sell your Bitcoin, you will need to set up an account with the exchange of your choice. This will involve going through an identity verification process and connecting your bank account to the exchange.

Once completed, you can then make a sell order by entering the amount and type of coin you wish to sell (in this case BTC) and selecting the fiat currency you wish to receive.

Once the cash funds are in your account you can withdraw them to your connected bank account – a process that could take up to a week to complete.

There are other ways to make a Bitcoin conversion – for example, through a peer-to-peer platform, via a Bitcoin ATM, or through a direct trade with another person.

The right method for you will depend on factors such as how quickly you want to sell your Bitcoin, whether you want to secure the market rate, and the fees you’re willing to pay.

Converting Bitcoin to other crypto

Although most people who make a Bitcoin conversion do so in order to get cash, there might be instances where you want to exchange your Bitcoin for another cryptocurrency such as Ethereum or Litecoin. Again, you will need to head over to a cryptocurrency exchange.

The first step is to find an exchange that supports your chosen Bitcoin trading pair. There are a vast number of exchanges in existence and, together, they let people exchange Bitcoin for hundreds of altcoins, so this step should be relatively straightforward.

Once you’ve selected an exchange, you can sign up for an account with your personal details and proof of ID.

The next step is to deposit Bitcoin into your exchange account. On most exchanges, you select the deposit button, choose Bitcoin as your deposit currency, and copy the account address shown.

You then need to open up the external wallet you’d like to send your Bitcoin from, enter the account address, and press send.

Once the Bitcoin has arrived in your account, you can begin the exchange process. You simply navigate to the currency pair you wish to trade – for example BTC to ETH – and then enter the amount of BTC you want to convert and click sell.

To avoid the risk of being hacked, it’s recommended that you transfer your new crypto from the exchange into a secure, external wallet for safe storage.

Technical Indicators

Overall, the bias in prices is: Downwards.

Note: this chart shows extraordinary price action to the downside.

By the way, prices are vulnerable to a correction towards 7,925.34.

The projected upper bound is: 7,948.97.

The projected lower bound is: 6,801.36.

The projected closing price is: 7,375.16.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 22 white candles and 28 black candles for a net of 6 black candles.

Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 81.6614. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 21 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 51.45. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 4 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 121.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 4 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 3 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed up 208.500 at 7,410.000. Volume was 83% below average (consolidating) and Bollinger Bands were 58% narrower than normal.

Open     High      Low     Close     Volume___
7,308.7107,483.5007,214.9707,410.000 13,812
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 7,112.30 7,823.62 9,306.29
Volatility: 63 48 73
Volume: 80,530 81,550 85,269

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

FOREX BTC= is currently 20.4% below its 200-period moving average and is in an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. Our volume indicators reflect volume flowing into and out of BTC= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on BTC= and have had this outlook for the last 2 periods.

Previous articleBox Office: ‘Star Wars’ Rises to $373.5-M Global Opening
Next articleOrthodox Jews Back President Trump in Record Numbers
HEFFX has become one of Asia’s leading financial services companies with interests in Publishing, Private Equity, Capital Markets, Mining, Retail, Transport and Agriculture that span every continent of the world. Our clearing partners have unprecedented experience in Equities, Options, Forex and Commodities brokering, banking, physical metals dealing, floor brokering and trading.