BTC Consolidation Leads to Consistent Gains
BTC is traded for its volatility. The past 8months we have been in a dramatic bear market, approaching 80% retrace from ATH. I believe we are now entering into a period of nice consolidation with a 3-5% spread. This yields a lot of opportunity for the swing trader to come out on top with minimal risk and minimal active management. By playing the weekly high and low on a hourly chart, you are able to time bottoms and tops and work long shorts both ways for 20-30% profit per trip..not bad. Now this trading strategy is still open to risk, but for me I have limited my risk by using a stop loss and take profit features to lock gains. I encourage you, even as a scalper, to take a longer time frame look to see what we are truly doing and to find the patterns and play them. I am neutral right now on BTC because of this time of consolidation, but I believe for the swing trader, this might be one of the most consistently profitable times to be in.
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