Best way to trade with Bitcoin approaching $20K?

[error08]

If you're trying to scalping, it's not the right time at the moment due to the price seems to increase and decline briefly within 24 hours which lasted for the last 6 days.
However, I prefer not to sell bitcoin currently because it still has a high chance to reach $30k - $40k in 2021, waiting for 1-2 months will worth the time compared to sell at the current price. When the time comes to break $20k, it will get back on the rally to gain $1k-$2k in a relatively short time, the first step is $22k obviously.

[Tahsin Kabir Kollol]

Bitcoin is currently hovering around $20k, which has been marked as a determinant of previous highs, so some caution should be exercised when trading in recent times. With the price of Bitcoin reaching $20k, many are speculating that it could go far beyond breaking previous heights. While this idea is positive, one must be careful when trading. Because from previous experience it is clear that the price of bitcoin can go down from this height to much lower. So at the present time, you have to adopt some of the prescribed strategies when trading. You must first determine a support resistance according to market movements and use stop-loss accordingly. But if the market is positive, wait, and wait until the market goes down. By trading in this way it may be possible to prevent large losses and maximize profits.

[masterzino]

Hi,

I'm new to trading and trying to find the best way to trade when Bitcoin is testing it's ATH. I have noticed that it reached $19,300 last week before dropping below $17,000 then built back up to over $19,800 yesterday before dropping then again reaching $19,900 today before dropping again. Does that mean that the sell orders at those levels have now been spent and Bitcoin may find an easier path to break through? How many times could we expect this pattern to repeat before a break through?

Are we expecting similar patterns to repeat over the next week? If so, is it worth transferring a portion of BTC into USDT or similar each time BTC reaches around $19,800 and then transferring it back if or when it seems to have bottomed out?

Maybe it would be more sensible for me to stop trying to be clever and just HODL my way through but either way, I would be interested to hear your thoughts.

I'm shorting on Bitmex when it passes 19 500, but with small amounts and stop-loss @ 20 150—collecting profits @ 18910.

I've been lucky so far a few times, and now I'm only risking my initial profits. Because I'm expecting such swing for a little longer and then to see BTC over 20 500 for a long time.

[sana54210]

For people who are new and do not know what to do when the price is this high, the logical step would be not to go all-in right now at this price which would most certainly hurt you and scare you away from any future trade. I have a friend who wanted to get involved with crypto in 2017 when it was at its peak, he got in literally at $19.6k and he sold it when it reached to $6.7k levels and he has never gotten back ever again, even though I have protested him getting out, and even encouraged him to get in a lot heavier there instead of getting out. Now he is not even involved and quit cold turkey.

You know what would have happened if he bought 2x more instead of getting out? He would have been a lot richer today than he was that day. So, I would say get in only a small portion today, a bit more next month, and a bit more later continue like that until your money runs out.

[abel1337]

Hi,

I'm new to trading and trying to find the best way to trade when Bitcoin is testing it's ATH. I have noticed that it reached $19,300 last week before dropping below $17,000 then built back up to over $19,800 yesterday before dropping then again reaching $19,900 today before dropping again. Does that mean that the sell orders at those levels have now been spent and Bitcoin may find an easier path to break through? How many times could we expect this pattern to repeat before a break through?

Are we expecting similar patterns to repeat over the next week? If so, is it worth transferring a portion of BTC into USDT or similar each time BTC reaches around $19,800 and then transferring it back if or when it seems to have bottomed out?

Maybe it would be more sensible for me to stop trying to be clever and just HODL my way through but either way, I would be interested to hear your thoughts.

I think if you are a real newbie on trading you should try to learn the foundation of trading first, Hodling isn't a bad idea and more suitable for the one who is learning and at the same time has the potential to gain some profit. It's just better to hodl than to trade without proper knowledge about it and to be liquidated at the end. I myself am just trading a small portion of my bitcoin to the market because I'm not really sure if it the 19k barrier will be broken.

[wxa7115]

Hi,

I'm new to trading and trying to find the best way to trade when Bitcoin is testing it's ATH. I have noticed that it reached $19,300 last week before dropping below $17,000 then built back up to over $19,800 yesterday before dropping then again reaching $19,900 today before dropping again. Does that mean that the sell orders at those levels have now been spent and Bitcoin may find an easier path to break through? How many times could we expect this pattern to repeat before a break through?

Are we expecting similar patterns to repeat over the next week? If so, is it worth transferring a portion of BTC into USDT or similar each time BTC reaches around $19,800 and then transferring it back if or when it seems to have bottomed out?

Maybe it would be more sensible for me to stop trying to be clever and just HODL my way through but either way, I would be interested to hear your thoughts.

You are asking some very interesting questions but at the end no one has the answer to that, there is a huge sell wall at the 20k level, which is why we have been unable to go above that price but institutional investors are buying coins even right now which means that most likely they are buying bitcoin in order to exhaust that sell wall and allow the price to keep climbing upward.

Will they be successful in this? No one knows, after all they can afford such move because they bought a lot of coins at a cheap price so the average price at which they bought their coins is still very low, however there is the possibly a reduction on the price is on the cards during the next weeks as the excitement over the bull run begins to go down.

[nelson4lov]

The first step towards successfully trading bitcoin market is to understand the market psychology. You first need to ask yourself where the market is going, when you are able to answer that, you'll learn how not to trade against the market. The fact that Bitcoin's price keeps dropping every time it gets closer is because a lot of traders have piled up sell orders at those levels hence creating a very strong resistance. To trading such market, you can choose to trade or the breakout or breakdown.

For breakouts, you just need to wait for Bitcoin's next "major" move, that would give you the confirmation you need to keep the trade going or keep holding your positions. To be on a safer side though, I suggest you place a stop loss order in case the price takes a sharp dive and after failing to breakout.

[CryptopreneurBrainboss]

Maybe it would be more sensible for me to stop trying to be clever and just HODL my way through but either way, I would be interested to hear your thoughts.

With bullrun we're advice to just hold through whatever storm the market is trying to create and not get pressured into wanting to join the masses in trying to outsmart the market especially when you don't have the necessary skills and education already acquire before now. You'll be better off holding your coins as the fastness of the market can leave you behind or put you in loss.

The current market situation will be very tempting, the price movement is seeing bitcoin lossing and gaining between $500 to $2000 almost daily. Don't think it's that easy to buy or sell at the right moment to bring about profits. If your emotions can't be put under control it won't be advisable to try trading instead just seat patiently and wait for your investment to yield profit.

[Mejoress]

I think the best trade is sell in a bull run to sell near $21K - $22K and buy with a 10%-30% profit

[Yamifoud]

...
Maybe it would be more sensible for me to stop trying to be clever and just HODL my way through but either way, I would be interested to hear your thoughts.

I understand that you are new to this but in this bullish situation, HOLDing is not advisable. You can do trading but not to buy Bitcoin and just HOLD because you are risking your money, and I'm afraid if the market dumps that makes you lose.

We have this experience before, many people bought some Bitcoin and altcoins last 2017 for they are speculating that the rising momentum will continue but seems it give them a surprise as it dumps hard and loses their money.

[maxreish]

You can either do converting it into stable coins and  or to just continue holding. If you are unsure and not yet learned reading technical anysis then you better hold bitcoin and wait for your  target price where you can sell off your bitcoin. Trading btc as of now are a bit tricky as you have noticed, there are tons of pull backs. Many traders expecting it to be bullish but they have been liquidated as sideways were sudden appeared in the  market.

[traderethereum]

I can only suggest to buy low and sell high. That is the basic lesson to trade bitcoin and altcoin.
If you feel that you hard to do that basic lesson, then HOLD is your way to wait for bitcoin price approaching $20k, so you can sell your bitcoin at that price.
These situations will be difficult to trade because we never know what will happen to the bitcoin price. The price is up and down many times, and if we are making a wrong analysis, that can make us wait for a while before we can sell bitcoin.
I am not good at trading, so I can only suggest you like that way.

[AakZaki]

If you're trying to scalping, it's not the right time at the moment due to the price seems to increase and decline briefly within 24 hours which lasted for the last 6 days.
However, I prefer not to sell bitcoin currently because it still has a high chance to reach $30k - $40k in 2021, waiting for 1-2 months will worth the time compared to sell at the current price. When the time comes to break $20k, it will get back on the rally to gain $1k-$2k in a relatively short time, the first step is $22k obviously.

As far as I know, scalping traders are trading strategies that benefit from price changes throughout the day. Their profits are derived from the result of rising or falling price movements. Those are the moments scalping traders take advantage, so I don't agree with your opinion. Since futures trading / margin,  more scalping techniques are being used but up or down it can be an advantage.

[lixer]

At the end of the day there is a big chance that people might actually trade bitcoin no matter what the price is, obviously it could take longer than expected to get used to trading at these prices as much as they did back in $10k days, but it will continue to get more and more here as well.

I just do not feel like there is a reason why it should either go higher from here or lower from here, it could stay around these prices for a very long time, like over a month, without ever going 10% in any direction. Just stay between $18k and $20k levels for over a month or even maybe two. That means people will get used to trading at these prices and they would be capable of not being afraid of trading at these prices. That is going to be the difference in some time if you ask me.

[rhomelmabini]

At the end of the day there is a big chance that people might actually trade bitcoin no matter what the price is, obviously it could take longer than expected to get used to trading at these prices as much as they did back in $10k days, but it will continue to get more and more here as well.

There's always those who trade the market and they are experts maybe futures or options traders that has big amount of balances that isn't easily liquidated. Just for a day and we are back again at 17k area but I think around this area where we could get the consolidation.

I just do not feel like there is a reason why it should either go higher from here or lower from here, it could stay around these prices for a very long time, like over a month, without ever going 10% in any direction. Just stay between $18k and $20k levels for over a month or even maybe two. That means people will get used to trading at these prices and they would be capable of not being afraid of trading at these prices. That is going to be the difference in some time if you ask me.

A month of consolidation is healthy I suppose then go higher or maybe this was just a 2016 scenario and the anticipated ATH was 2021 of the last quarter. The best thing about Bitcoin is whenever there's a little corrections it could double that in a bull run, 10% down then 20% or 30% up.

[poodle63]

When bitcoin reaches new ATH it's always prone to massive selling since people are waiting for that moment aswell. It's not like people sees new ATH reached and decide to hold even longer.

In my opniion if you truly just seeking for profit then there's no wrong in selling at the peak if you bought at lower price. Still gives you profit even if the price keeps going up.

[palle11]

There is nothing special trading Bitcoin as it approaches the $20k level other than watching for more buys. It's an uptrend and so you should avoid the impulse of selling until you're sure the trend has turned bearish. Just look out for buy trades, not sell.

How many times could we expect this pattern to repeat before a break through?

Normally, I will look at the third attempt of it happening and if on the third attempt it doesn't break the Resistance then I should consider it very hard to warrant a drop from that level. But if it breaks on the third attempt, that means it's a continued uptrend.

Are we expecting similar patterns to repeat over the next week?

Yes, history has a way of repeating itself. This is the same reason traders study charts.

On the resistance here you mentioned, we remember to always study the long hours with it or days, weeks and most important, the month and this long time is very useful for swingers. You have made good trading suggestion anyway.

[blckhawk]

Hi,

I'm new to trading and trying to find the best way to trade when Bitcoin is testing it's ATH. I have noticed that it reached $19,300 last week before dropping below $17,000 then built back up to over $19,800 yesterday before dropping then again reaching $19,900 today before dropping again. Does that mean that the sell orders at those levels have now been spent and Bitcoin may find an easier path to break through? How many times could we expect this pattern to repeat before a break through?

Are we expecting similar patterns to repeat over the next week? If so, is it worth transferring a portion of BTC into USDT or similar each time BTC reaches around $19,800 and then transferring it back if or when it seems to have bottomed out?

Maybe it would be more sensible for me to stop trying to be clever and just HODL my way through but either way, I would be interested to hear your thoughts.

I think if you are a real newbie on trading you should try to learn the foundation of trading first, Hodling isn't a bad idea and more suitable for the one who is learning and at the same time has the potential to gain some profit. It's just better to hodl than to trade without proper knowledge about it and to be liquidated at the end. I myself am just trading a small portion of my bitcoin to the market because I'm not really sure if it the 19k barrier will be broken.

Yeah, the resistance was too strong. Honestly, I already liquidate a small fraction of my holdings because I don't really know that to do right now, Bitcoin is just moving back and forth, which makes it difficult to read the market. Anyway, I have already been getting enough profit right since I buy at a cheap price way back then and I can actually liquidate now, however, I believe that the run was not over yet, perhaps by the end of this month we can make a breakthrough.

[hossamdz]

Hi,

Does that mean that the sell orders at those levels have now been spent and Bitcoin may find an easier path to break through? How many times could we expect this pattern to repeat before a break through?



Maybe it would be more sensible for me to stop trying to be clever and just HODL my way through but either way, I would be interested to hear your thoughts.

Mostly its so hard to predict bitcoin price without saying its impossible , because no matter what is your prediction you will still lucky if it goes right because bitcoin price is being manipulated by market makers


And for holding , as we all see many time every time bitcoin break an ATH all the market dump hardly and the liquidity jump to bitcoin so if you are holding bitcoin better not to buy any coin in this circumstances , wait until the price of bitcoin stabilizes then make a position in the market , mostly you will able to make at least a quick 5-10%

good luck mate.

 

[buwaytress]

And for holding , as we all see many time every time bitcoin break an ATH all the market dump hardly and the liquidity jump to bitcoin so if you are holding bitcoin better not to buy any coin in this circumstances , wait until the price of bitcoin stabilizes then make a position in the market , mostly you will able to make at least a quick 5-10%

Quick 5-10% isn't the right mindset for a holder though. You either have a fixed future price, or a fixed timeframe -- I have both, and they haven't been adjusted much as they're both still far from current reality.

I should probably have a bottom too, but psychologically, I'm not sure I'm letting go at $3k either.