Sirwin
Sirwin

Make $1600 swing trading Bitcoin!

By Jumble | Jumble | 7 Jul 2020


Introduction

At this time, the price of Bitcoin (BTC) is range bound and the daily trading price range is low.

  • Resistance for BTC is in the range of 10,200 to 10,500. It has moved into this area three times.
  • Support for BTC is in the range of 8,825 to 8,900. It has moved into this area three times.
  • The 14-day average true range ATR(14) has continuously decreased since the middle of May 2020.

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Swing trade parameters

Follow these steps to swing trade BTC from a failure to move above 10,500.

  1. Short BTC at the price you select
  2. Place a trailing stop equal to 2 ½ to 3 times the ATR(14)
  3. Exit the trade at support.

As an example,

  1. Short BTC at 10,500.
  2. Place a trailing stop equal to 700.
  3. Exit the trade at 8,900.

Earn $1600!

Follow these steps to swing trade BTC from a failure to move below 8,900.

  1. Buy BTC at the price you select
  2. Place a trailing stop equal to 2 ½ to 3 times the ATR(14)
  3. Exit the trade at resistance

As an example,

  1. Buy BTC at 8,900.
  2. Place a trailing stop equal to 700.
  3. Exit the trade at 10,500.

Earn $1600!

Conclusions

At this time, the price of Bitcoin (BTC) is range bound and the daily trading price range is low. After a failure to move about resistance or a failure to move below support, a swing trade can be profitable.

 

Note 1: BTC price charts from https://messari.io/chart

Note 2: This post is for information purposes only.  It is not intended to be investment advice.  Seek a duly licensed professional for investment advice.

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Jumble
Jumble

Technical and marketing content writer. And a cryptocurrency fanatic.


Jumble
Jumble

Thoughts about cryptocurrencies

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