What do you need to know about bitcoin day trading?

For those interested in venturing into the world of Bitcoin day trading, there are several key aspects to be aware of. Firstly, understanding the market dynamics and volatility of Bitcoin is crucial. Day traders need to stay updated on news and events that could potentially impact the price of Bitcoin. Secondly, having a solid trading strategy is essential. This includes setting clear entry and exit points, as well as risk management techniques to mitigate potential losses. Thirdly, the use of technical analysis tools such as charts and indicators can provide valuable insights into market trends and patterns. Additionally, traders should be aware of the fees and taxes associated with trading Bitcoin, as these can impact overall profitability. Lastly, discipline and patience are paramount in day trading, as the market can be highly volatile and unpredictable. So, in essence, what are the key things one needs to know before embarking on Bitcoin day trading?