What does open mean in cryptocurrency trading?

3 answers

• Dec 20, 2021 · 3 years ago
  In cryptocurrency trading, the term 'open' refers to the opening price of a particular cryptocurrency at the beginning of a trading session. It is the price at which the first trade of the session occurs. This information is important for traders as it helps them analyze market trends and make informed trading decisions. So, when you see the 'open' price on a trading platform, it simply indicates the initial price at the start of a trading session.
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• Dec 20, 2021 · 3 years ago
  When we talk about 'open' in cryptocurrency trading, we're referring to the opening of a trading position. It means initiating a trade by buying or selling a cryptocurrency. The 'open' position can be either long (buying) or short (selling) depending on the trader's strategy. It's important to note that opening a position is just the first step in trading, and it can be followed by closing the position to realize profits or cut losses. So, when you see the term 'open' in the context of cryptocurrency trading, it generally refers to initiating a trade.
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• Dec 20, 2021 · 3 years ago
  In cryptocurrency trading, the term 'open' can also refer to the open-source nature of certain cryptocurrencies. Open-source cryptocurrencies are decentralized and transparent, allowing anyone to view and contribute to their codebase. This openness fosters innovation and community collaboration, making these cryptocurrencies more resilient and secure. Examples of open-source cryptocurrencies include Bitcoin and Ethereum. So, when you come across the term 'open' in cryptocurrency trading, it could be referring to the open-source nature of a particular cryptocurrency.
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