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This post will be best suited for swing traders, however everyone else will benefit from it.
Bitcoin has been making some big moves lately.
It has found a new support and resistance, and is currently heaven for swing traders.
But most of my friends have been having a hard time getting money from Bitcoin, despite it's amazing moves lately.
So I'll tell you exactly how to make more money with Bitcoin, whilst day trading.
Ps: I used Binance for this. If you don't have an account, get one here. We'll both get 20% off the already low fees if you use that link, plus a special surprise.
Step 1: Apply your indicators
Less is more
Read that again.
No need for you to go about spreading all the indicators you have available like butter on hot toast. You'll need just 2 indicators.
One to tell you the current market condition, and one to tell you when to get in and get out.
So, Bollinger Bands and the RSI.
This is my favourite combo, because you can't go wrong with these.
Once the bands squeeze, you pop in your entry order, regardless of what the RSI is saying (it'd 95% of the time also tell you to buy)
Draw up you're supports and resistances(yes, plural). You'd need them to ensure the RSI isn't lying to you.(jk)
Next, draw your trend lines to ensure you're not having a few bearish pennants or rising wedges.
Once you've ascertained that, place your entry order below the RSI recommendation, and a stop loss $10 below your entry,in case you get faked out.
Step 2: Make the trade
More is more
Once you're in the trade, you're in it for those pips baby! Watch the RSI closely. The Bollinger bands have done their work.
Once the RSI line is approaching the 50 line, get ready to stop riding that wave.
Once it eventually reaches 50, and surpasses on to 60 or 70, sell and take your yummy profits.
Buy a lambo with those profits. You deserve it.
Thanks for reading!