Ranging between $58000 and $61000

[maydna]

I am not tempted increasing leverage because that is dangerous for me. I could easily losing control about using the initial to start trading and that means I can lose my money. I prefer to keep my leverage like it was so I can manage my trading and if I lose, that will not be too big. The red line still there and could down for more so those who have an open short trading might want to increase their profit for a little while. But don't forget to use stop loss because the price can jump anytime.

[Fivestar4everMVP]

I don't think bulls are winning on this choppy market, especially since it was at the level of the monthly candle close.
So, since we already closed the monthly candle, plus Bitcoin closed below $60,000. What I can see right now is a bloodbath, a bearish short-term to mid-term for me.

Looking at coinmarketcap presently, I can see that bitcoin ended the month of June at a price of $57,771.50, this is definitely pointing to a  bear season but that can still be reversed if enough liquidity will enter the market, like for example, the price has gone up and currently trading around $58,828 at the time of writing this post, this shows that price is actually up from June's low.

We are definitely in a bear season for sure, so I am surely not expecting any miracles, we can all get ready to buy at cheaper prices still the price of bitcoin going down is still a great opportunity to buy more, but then, like I said before, there is still a chance that price won't gone down as much as you are expecting or assuming it would.

[TheUltraElite]

Since I am doing only spot trading and I recommend only spot as well, I would suggest buying at 58k and selling at any point above 70k USD for the time being.

Price went down after stagnancy, it can continue trickling down in which can one needs to continue buying or it can go upwards in which case one needs to wait and sell at a decent price.

Simple enough but difficult to execute for many traders due to a lot of reasons.

[pawanjain]

This range is tempting indeed. Even I am considering to buy some while bitcoin is still in this range.

Of course, everyone has to decide for themselves whether to buy BTC now or wait a little longer. However, personally, I’m going to hold off on any purchases for now, since the bearish trend is still in full swing and, to be honest, I don’t see any signs yet that this trend will end soon. What's more, the narrow range within which BTC has been trading recently may be nothing more than a consolidation phase before the next bearish impulse.

It is actually during this kind of phase that we see a more aggressive breakout or breakdown of Bitcoin and it is in stepping back to observe the market movement that survival is guaranteed because it is a more disciplined approach and financial management practice in action.

For one, leverage is supposed to be a tool for capital efficient and discipline as a core principle, is most important in trading than position size or timing the market.

Yes exactly. In such consolidation zones, especially near the bottom zones, we should be aggressively buying.
Our strategy should be such that we are buying around 70% while saving 30% for another dump if it occurs.
If it dumps more, we can use the rest of the funds to buy more and if it doesn't then we just got a huge chunk in the bottom zone.
I have also bought some in this range and I am not expecting BTC to drop further. It might consolidate for a while but this zone looks steady to me.

[Bitcoin_people]

I noticed traders that are trading since bitcoin decrement to $58000 are enjoying right now because bitcoin has been ranging between $58100 and less than $61000 since that time up till now. Today is the fifth day since the ranging began between these prices.

We are moving towards new month already, my advice is that people should just be very careful and not relaxed with the high leverage that can liquidate your trading account.

Were you tempted recently increasing leverage? I asked this question because I was tempted and which is not good.

We can already see that the price of Bitcoin has dropped a lot and most traders have entered the market hoping to make a profit. However, since the market is currently fluctuating between $58k -- $61k, it can run in any direction at any time, so using high leverage will be more likely to result in liquidation. Since you used high leverage, you may have run out of money in your account, so it is best to trade in this market with caution. Using higher leverage is risky, so you should consider the market situation at this time and increase the leverage later. Recently, it seems that the market position is very much in recession, in which case if the market looks lower and falls, traders may face more losses, so it is better to use low leverage.

[Arenga pinnata]

I noticed traders that are trading since bitcoin decrement to $58000 are enjoying right now because bitcoin has been ranging between $58100 and less than $61000 since that time up till now. Today is the fifth day since the ranging began between these prices.

We are moving towards new month already, my advice is that people should just be very careful and not relaxed with the high leverage that can liquidate your trading account.

Were you tempted recently increasing leverage? I asked this question because I was tempted and which is not good.

The fact that BTC is still moving sideways actually makes it easier for us to turn a profit through a few short trades or scalping strategies.

However, my advice is not to forget that consistent small profits are already good enough, and never get too overconfident to the point of increasing your leverage in the futures market. I’ve often thought about this too, but I always hold back. I’ve had an experience where market conditions were almost identical, and I felt the market was fairly easy to take advantage of. But the moment I started using leverage, that’s when I began to lose my composure in trading. Suddenly, the market started moving aggressively, and I nearly suffered a massive loss at that time.

[snowpega]

I noticed traders that are trading since bitcoin decrement to $58000 are enjoying right now because bitcoin has been ranging between $58100 and less than $61000 since that time up till now. Today is the fifth day since the ranging began between these prices.

We are moving towards new month already, my advice is that people should just be very careful and not relaxed with the high leverage that can liquidate your trading account.

Were you tempted recently increasing leverage? I asked this question because I was tempted and which is not good.

Hmm, I think it is way better to stay away from leverage trading from my point of view, or opinion. Saying this because in my whole crypto space career, I have not done even a single leveraged trade. That was just my opinion; aside from this all up to you. Well, if we discuss it in the overall condition for the coming time, then I think you are correct because today I was reading a piece of news headline that the Fed's new chairman is considering increasing the interest rate.

And if this happens, we all know that the majority of the leveraged traders who may have opened long trades will be liquidated badly. DYOR! And for me personally, the current market range is good for bitcoin accumulation as a long-term holder rather than trading and wasting the money on leverage trading. What do you think about it? CMIIW!

[Perfectbaby]

As a professional trader or someone who has been in the system for long you should be able to know when you should be entering the market or not, again if you follow up the chat you would see that the market has just been moving specific price rate where 58-61k has been the 24hr change (increase/decrease) which if I am entering a trade I wouldn't be that pushed to go increase my leverage or not, in fact. Since I already had that feeling that price wouldn't increased about this price range nor decreased below I won't be that fooled to be trading instead I would preferred holding while the price bounces back to it's original price range.

[dwyane36]

The fact that BTC is still moving sideways actually makes it easier for us to turn a profit through a few short trades or scalping strategies.

It’s always worth remembering that if the price of BTC or any other asset starts trading within a fairly narrow range, this is most likely a consolidation period, after which a sharp move in one direction or another may follow. That’s why, personally, I would prefer not to open short-term positions within such a narrow range, since it’s easy to get carried away and end up getting liquidated if there’s a sharp move that goes beyond the bounds of this range.

[Pandorak]

I noticed traders that are trading since bitcoin decrement to $58000 are enjoying right now because bitcoin has been ranging between $58100 and less than $61000 since that time up till now. Today is the fifth day since the ranging began between these prices.

We are moving towards new month already, my advice is that people should just be very careful and not relaxed with the high leverage that can liquidate your trading account.

Were you tempted recently increasing leverage? I asked this question because I was tempted and which is not good.

Yes, Bitcoin current price range is indeed quite enticing for traders, whether in spot or futures markets. This is because Bitcoin is currently at a psychological level that will determine whether it breaks below $58k, which would send the price back down to more extreme levels or uses the current zone as a reversal point to trigger a gradual rise, in other words, the bear market has ended.

However, based on my analysis using Price Action and POI, the likelihood of Bitcoin falling remains high. I’m still confident that Bitcoin will reach the $52k–$49k range before the end of the year or even in the near future.