Bitcoin Forum

This is especially for daily trader, the market has been on unstopping bull since the beginning of the week and has not given chance for a little correction for the bear to be spotted, if you try to go bear, you get burnt for the moment. I have this chart that you see the waves pushing upwards.
https://i.imgur.com/Uwk6qkZ.pnghttps://i.imgur.com/MqjuGGh.png

So what do you think of any slight correction inview or $70k is just going to be touched before any correction back to $65k ?

Just like what you have said we are on bull run so I'm in long but if you would like to take advantage of the ups and downs of the market you can short on the higher ups and buy back at lower lows or just simply do swing trade.

But I leave half of my positions in long position just in case it pumps at least I still have some money left to earn some profit.

Lol and I hope you having your stoploss somewhere there activated because from your statement you may have been entering more than one order and that is dangerous. That could be martingale and you have to be careful to cluster trade that way this time that majority aiming for bull market can still be funny. We don't have to forget that all the time.

It depends on one's strategy and target price to take profit.

For example if a trader shorted today from 68K to 66.5K, they would have made some quick profit from the short slump. Those who have much lower target and are using super high leverage would obviously get easily burned.

Personally, even when I know we are in the bull market, I still find it easy to short than to long.

There are a lot of traders these days and these kinds of price levels are making huge profits, especially for those scalp traders like trading in a very low time frame and they can short market in just a short period of time even the market structure is bullish or the trend is bullish.

For me, for Bitcoin I am long especially recently we broke the previous resistance which I can consider a breakout. And the entry on a pullback is always a good move.

Actually, I did exchange my BTC at $68k because it's a new all-time high and I know it would slightly drop because it's a new ATH. And it's always happened and it's a basic thing if you want to make a profit. I always do short but sometimes long if I didn't hit the price that I want but still depends on my market analysis. 

Now it stabilizing at $66k and $67k there are still big players on Binance buying large amounts of BTC and small players on-sell position. So what I think is it would slightly increase a bit but not long.
The news about Apple CEO still driving the chart and no bad news yet so $68k is not a final price it might touch $69k or more soon if the good news continues.

Long. I see a very bullish move with the BTC Taproot upgrade happening this Nov. 13. This pull down is just temporary and could immediately be change within incoming days. I see a 70K$+ price of BTC this month and could go beyond within this year unless major fud happens again just like mid may.

Scalping is a short time trade that you jump in for profit and off you go out but you can be trapped in it when you try to scalp against the trend. Scalping is part of trading pattern as traders we know it is not a good pattern to go against the trend so if we are scalping against the trend, we talking more risk but putting stop loss is a way to avoid bigger loss however a scalper has little time that won't allow time to use stoploss, you can be lossing when scalping short of bullish market.

Do those who day-trade really care about a bull or bear market run? Do day-traders trade more during bull or bear market? I found it fascinating to know especially tho those who really day-trade crypto these days and to those who done it in the past.

Breaking the previous ATH then make a little move upward and I say I expect a retest from previous levels, this is the usual scenario that I see during bull market.

I think no, day traders only take advantage of the moment in 1 day to make a profit. So they can choose trades in short or long positions in the daily term. I am currently in a long position, but not for day traders. Since I see a pattern that is almost similar to 2017 I will wait for the opportunity until the end of this year, my hope is there is a repeat of the pattern. It seems like having to be patient, I think there is currently an accumulation to break through the $70k zone.

Extremely risky if you aim at Short in bull run. If you are not a pro trader, you should not short in bull run. A trend is a friend. In bull run, buy and hold in Spot trading or if you use leverage, open Long position with acceptable leverage.

Short, itself is not for long time of position to be opened. Open a short position and close it shortly after that. If you open a short position and let it opens for days, your collateral can be liquidated.

We know Bitcoin usually has big movement each 2 weeks.

Right now if you are looking at the sentiment most people are long. Usually the higher price goes the more people go long and the funding starts to get more and more positive. Generally when this happens, the market is over leveraged and usually there is a nasty spike crash. However currently the market is that that over leveraged like it was back in April.

In April the futures were trading at something like 50% apr annualized, I remember ETH had June expires and they were something like 12%. So lots of cash and carry in those trades. And the rally stopped shortly after because market was way way over leveraged.

for me i preferred to swing trade because on this situation we don't know how long the bullish will stay since it's been long time bitcoin staying above, just imagine 3 consecutive ATH, so we need to be prepared for the massive correction ahead because you know its impossible it will keep going higher as the crypto market were full of whales, maybe they're just waiting for the right time. Lol it's too good to gain quick profits for the safety in my personal opinion.

At this juncture I will have taken profit because the price is overbought based on RSI indicator before a minor pullback or correction had already unfolded, the price of bitcoin might either resume or continue with it bullish run or start another bearish sentiment, taking all or some profits isn't a bad idea, unfolding candlestick patterns and Price Action would reveal the next line of action of the price, however swing traders need not bother as they have their targeted take profit except the price defies their analysis.

In a situation like this, for me personally, of course, I have to be extra careful, because the market has gone up quite high, and we don't know when it will saturate and eventually there will be a correction. Therefore, placing a tight stop loss will help us to minimize risk, and for me short-term trading would be more appropriate for this situation.

$68k levels still act like a strongest resistance levels which means bitcoin must need more power to test $70. So, we could expect market to remain in sideways movement for few more days and probably by this weekend, we could expect some fireworks to accelerate the market to test above $70k levels.

As of now, a day trader can go for both buying and selling in bitcoin market because market is fluctuating in sideways movement hence if you are following any good technical analysis then you can open both long and short trades at appropriate price level which will definitely get you profit because market is lagging with direction. At the same time, it is highly recommended to open only long positions  at possible dips so that you may have second option which is holding as overall market direction is still positive.