Since BTC started ranging I noticed people longing as soon as price seems to break through the 8k resistance, while others shorting when price seems to have been rejected at this area and mostly getting stopped out. However, I have been scalping and getting some nice returns here.
We have been in a range since last 4 days, market conditions as such can be boring and choppy, here is a simple trading strategy to consider when price is ranging. There's a whole 7% movement in the range so why not take advantage?
Mark your range high and range low, the centre being the equilibrium.
- when price is approaching range high, place your short asks with a tight stop above the range.
- when price is approaching range low, place your long bids with a tight stop below the range.
Its's wise to see if there's some reaction at the EQ and manage your trade accordingly.
We have been in a range since last 4 days, market conditions as such can be boring and choppy, here is a simple trading strategy to consider when price is ranging. There's a whole 7% movement in the range so why not take advantage?
Mark your range high and range low, the centre being the equilibrium.
- when price is approaching range high, place your short asks with a tight stop above the range.
- when price is approaching range low, place your long bids with a tight stop below the range.
Its's wise to see if there's some reaction at the EQ and manage your trade accordingly.