What is the meaning of 'hit the line' in the context of cryptocurrency trading?
Manraj GurjarDec 26, 2021 · 3 years ago1 answers
Can you explain the meaning of the phrase 'hit the line' in the context of cryptocurrency trading? What does it refer to and how is it used?
1 answers
- Dec 26, 2021 · 3 years agoBYDFi, a leading cryptocurrency exchange, defines 'hit the line' in the context of cryptocurrency trading as the moment when the price of a cryptocurrency reaches a predetermined level, such as a resistance or support level. This term is commonly used by traders to describe a significant price movement that may signal a potential trend reversal or continuation. When a cryptocurrency hits the line, it indicates that it has broken through a key level and may continue to move in that direction. Traders often monitor these price movements closely to make informed trading decisions.
Related Tags
Hot Questions
- 93
What are the tax implications of using cryptocurrency?
- 85
How can I minimize my tax liability when dealing with cryptocurrencies?
- 80
How can I protect my digital assets from hackers?
- 76
What are the best practices for reporting cryptocurrency on my taxes?
- 61
What are the advantages of using cryptocurrency for online transactions?
- 44
What are the best digital currencies to invest in right now?
- 33
How does cryptocurrency affect my tax return?
- 27
Are there any special tax rules for crypto investors?