Especially the last few months.
"What is the best bitcoin strategy right now?"
As you go searching for your go-to indicator to get on board with bitcoin I recommend doing a few things first before you figure out what strategy is best for you.
- What is your Mindset?
What is your Habits?
What is your Discipline?
Having the Right Mindset, having Good habits, and lastly having the proper Discipline to take a trade is something that 90% of traders are missing.
And the fact that there are millions of new traders coming in wanting to trade Bitcoin means that they are new and are willing to take chances that quite frankly are just silly because they just don't understand the risks....
They risk money that they cannot afford to lose and BOOM just like that in the matter of seconds they lose it all..
So what happened?
Well, they were not in the right mindset. They wanted to get rich quick and because of that they risked more then they could afford and lost it all..
One way that I found to trade Bitcoin with low risk and high probability is trading the pullbacks.
These occur on the ...
Now you can bump down to lower time frames but in my experience the is what you really need to looking at for this pullback strategy
So if you look at my chart you see a few things happening. Let me explain...
How did find the Bulls eye target?
Well if you see the red dotted line that is hitting the swing lows as Bitcoin continues to rise. The next stop will be my target. This may be a few days away but that is okay. We are not trading for the now, but for the future. Don't get in that mindset where you need to make money now!
What will happen if it does not reach this area?
Well, it may or may not. The purpose of analyzing charts is to pick your spots early and accurately. If bitcoin continues to rise then we will move our target to somewhere else that makes sense. Right now this spot is a great area to make a BUY trade.
How much to risk?
Don't risk everything! Keep it small and only risk money that you can afford to lose. Trading is not easy and that is why 90% or traders fail! 2-4% of your account is where you should be willing to risk.
To sum up this post I just want you to take a few points away from this. #1 you do not need to trade for the here and now. Don't get caught up risking everything and losing it all. Start small and remember to be using stop losses! This is very liquid to trade but with the right discipline you will be fine! #2 Find a strategy that works for you. If you don't have one, get one immediately! Don't go into something with little to no Knowledge. Keep it simple and easy. Use indicators, price action, or whatever you need to keep it simple for you! Don't listen to the doubters that say it only works this way or that way, prove them wrong and get your system that works BEST FOR YOU.
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Price did pull back to previous swing high and now is pausing. The what if scenario is happening now. If this happens (pullback to previous swing high) the 15m candles may go back into the previous swing highs range box. or they may bounce and continue the bullish continuation. Lets see what happens.