As good news would trigger a bullish sentiment, while the opposite would put pressure on the price of a given cryptocurrency. For example, when Chinese President Xi Jinping praised the use of blockchain and PayPal announced the introduction of crypto services, Bitcoin rallied. Range trading is a strategy in which traders determine overbought and oversold levels, which coincide with resistance and support areas, and buy at the oversold area and sell at the overbought zone. This approach is meant to generate decent profits when the price is not trading, i. Day traders spot opportunities through the minute price movements of an asset, including cryptocurrency.

To maximize profits, a day trader usually uses leverage to enlarge their capital. So, to make sure a trade is profitable, here are the essentials to augment the opportunities:. Look into the liquidity of trade — to do so, a trader needs to analyze the bid and ask of the exchange, look into the spread, and, ultimately, identify the possibility of slippage. Assess the volatility of the market — when a market is volatile, it can open up the room for more significant profits, but it also means losses are inevitable.

Buying Guide

To assess it, you must have great anticipation and focus on the daily price range and be ready to embrace whatever it may come. First of all, day trading cryptocurrency is all about capitalizing on the extreme volatility of digital assets. You should be ready for wild price fluctuations. Sometimes, Bitcoin can show a strong correlation to the US stock market or commodities like gold, and other times it moves independently of any traditional asset.

You never know what comes next.

That being said, you should pick a good day trading strategy and stick to it. You should take day trading seriously if you want to succeed. This is most applicable when day trading crypto. When the market is volatile, the Bollinger bands will diverge while the bands converge when the market is stable. While Bollinger Band generally gives a more holistic perspective, it also indicates the overbought and oversold conditions.

And that happens when the market is leaning towards the opposite direction of the bands. Above all of the candlestick patterns a crypto day trader can use, a Doji reversal pattern is most applicable. This reversal pattern can be bullish long for a trader to take or bearish short depending on the previous candle. So, if you notice the last candle is bullish, you can already predict the next one close to the underneath of the body low that triggers a short signal when the Doji lows break.

What followed is the trail then stop just slightly above the Doji highs. Hence, when the candlesticks are bearish, everything will be in a reversal. The triangles and trendlines help traders catch a glimpse of the future price movement and the existing trend. What a triangle pattern does is to showcase the continuation of an existing trend.

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Some of the frequently used triangle patterns include ascending triangles , depending triangles, and symmetrical triangles. All of which serve the same purpose to help traders forecast appropriate target levels to long and short. RSI is probably one of the most frequently used indicators when crypto day trading or day trading in general.

Traders utilize this momentum-based indicator to find profitable entry and exit prices to maximize profitability. Typically, RSI oscillates between 0 to If an asset dips below 30 on the RSI, it naturally translates it as oversold trading under its actual value. When the RSI soared to 70, it is overbought trading at premium value.

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If you want to know how a strategy works, you can test on historical prices. All you need is a price chart that you can move back and forth chronologically. In this way, you can evaluate your prediction method and improve the trading approach. Note that there are no indicators that predict the future of Bitcoin or stocks, so make sure to manage the risks properly when trading. This can be done on exchanges that provide an excellent infrastructure for performing technical analysis.

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Bybit is one of the best options out there — the exchange offers perpetual contracts, inverse perpetual, and futures with quarterly expiry times. All you have to do is to register and make an initial deposit. Here is a guide on how you can benefit from a day trading cryptocurrency strategy:. Learn more on how to trade cryptocurrency here. Day trading is only a method to speculate on the price of a cryptocurrency or any other asset. It is up to you whether this trading style turns profitable or not. Implementing proper risk management techniques can make the difference and turn your trading journey into a full-fledged career.

Binary Options Strategy

There are many day trading rules related to risk management, but here are the basic ones:. Thus, it makes sense to be ready for the worse, even when you think your active positions are doing great. Day trading crypto is the best when the liquidity and trading volumes are higher. On the contrary, the foreign exchange market is more active during the overlap of the US and European trading sessions and is closed on the weekends and major holidays.

However, it would make sense to trade when volumes are higher, i. In the end, day trading cryptocurrency indeed is profitable, but only if you have a good grasp with the concept and the execution. What is suitable for you might not be applicable to anyone else. The key is to practice and to test out what strategies suit your trading style the best. This article is intended for and only to be used for reference purposes only.

No such information provided through Bybit constitutes advice or a recommendation that any investment or trading strategy is suitable for any specific person. These forecasts are based on industry trends, circumstances involving clients, and other factors, and they involve risks, variables, and uncertainties. There is no guarantee presented or implied as to the accuracy of specific forecasts, projections, or predictive statements contained herein.

Users of this article agree that Bybit does not take responsibility for any of your investment decisions. Please seek professional advice before trading. Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously. The cookie is used to store the user consent for the cookies in the category "Analytics". The cookie is used to store the user consent for the cookies in the category "Other.

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These cookies track visitors across websites and collect information to provide customized ads. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. Sign in. Log into your account. Forgot your password? Password recovery. Recover your password. By Bybit Learn. December 8, No Spams. Only heaps of sweet content and industry updates in the crypto space. When you open an account, you'll receive unlimited commission-free online stock, ETF, and options trades.

Options contract and other fees may apply. Keep reading to learn more. Stocks Online stock trades are commission free. These guys used to build trading software for financial institutions before they took a swing at a new business model — catering to low net-worth, ordinary investors with commission-free trades. It has a higher revenue multiple The purpose of this guide is to advise external stakeholders exchanges, members, etc.

All plans discussed are subject to revision if circumstances dictate alternative actions. Download now PDF Options Strategies Quick Guide Generally speaking, you want to pay as little as possible, meaning the lower the fees, the better it is. The beauty of using online brokers is that they tend to keep fees to a bare minimum. Reaching and teaching students in poverty. A free paper trading account or stock market simulator is an excellent alternative to a brokerage account and a significant advantage for investors in general, but it's the ultimate benefit for any day trader.

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