- Market Cap: $109,146,342,387
- Total Supply: 21,000,000
- Circulating Supply: 17,260,700
- Daily Volume: $3,735,502,316
How to trade Bitcoin?
Trading Cryptocurrencies might be hard these days. Many people think that, because of the downtrend that we are in, they can not trade at all. However, there is great potential in this market. The trend direction does not matter, volatility is the thing traders should be concerned with. Cryptocurrency has a lot of volatility, which creates opportunity.
Where will BTC go and how do we determine that?
Bitcoin has three ways to go:
- Up
- Sideways
- Down
Scenario 1
Bitcoin has the chance to move up, but the moves are small and negligible. The major trend is downwards, and we should not consider long positions until fundamentals change.
Scenario 2
Bitcoin trading sideways is easiest to trade. Volume will not change in size, confirmation oscillators should be ranging as well, and we can trade off of support and resistance lines and the divergences in RSI and CMF.
Scenario 3
Bitcoin is trading in a downwards fashion. We can spot the downwards moves by looking at CBOE and CME contract expiration dates, divergences accompanied with volume spikes, and sudden breaks of major support lines.
Final word
There is a big opportunity in catching the downtrend that is expected to happen before 20th of November. It will be indicated by BTC breaking 5750 barrier with great volume, which will trigger stop losses.
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