I have not traded Bitcoin for some time now. I find the lack of price history gives me the jitters. But where next for bitcoin?
looking at the daily chart, the trend to me appears to be down. But that doesn’t mean that the price can break out of the triangle to the up side.
If you use the price history for 2019, then the trend is clearly up.
This is obviously contradictory to the longer term price history.
That’s my issue with trading bitcoin at the moment. I just can’t seem to make an informed decision.
Where Next For Bitcoin
The daily charts seem to offer limited information when you are trying to analyse bitcoin… but you can always look at the different charts to see if you can get an edge.
If you really want to try and trade bitcoin, then don’t be afraid to experiment with 1H, 4H candles. If you can hack the pace, the false signals and the spreads then you could even drop down to the 15 min candles and back test.
Trading bitcoin and indeed anything else is all about what suits you and makes you as a trader successful. Some traders are happy to be in front of the screen for many hours a day. Others will make one trade a day. Some traders only make a few trades a month.
Find what suits and stick to it.
Whilst everyone is obsessed with trying to figure out what way bitcoin is likely to go, many other opportunities are going begging.
Seasonality Trading is always well worth looking at come October.
The good old currency markets still offer regular opportunities too.
The Dogs of the Dow is another great strategy that absolutely anyone can follow each January.
If you want faster profits, then some of the fastest and biggest gains can come from trading individual shares… especially shares from the US markets.
As a trader, it is your job to find winning trades. They don’t just jump out at you spell trade me.
For every chart there is a strategy that will work. It’s down to you to employ the correct one.
If something isn’t doing what you expect it to, then take a step back and look at other opportunities.