The Crypto market’s volatility gives traders a chance of taking benefit from huge price swings. If you research well, responsibly trade and develop a solid system of risk management, volatility is never a bad thing. Learning crypto trading has become very popular with traders. Mostly those who are interested to invest in volatile bullish or bearish markets. Trading crypto is a more attractive opportunity over more conventional markets. From 1st January to 6th June Bitcoin is nearly up by 25 %. Such a figure includes the huge correction from the all-time $64900 price high that was reached last year April. In this same period, a rise was seen in S&P by 12 %. It was less than half of all gains seen with BTC/USD. So suppose you have invested in an S&P tracker fund in the amount of $1000 on 1st January last year. Such an investment would make $120 in profit by 6th June. If you are a beginner, engage in Bitcoin trading confidently with Bitcoin Motion
If you invest this $1000 in Bitcoin, by 6th June you will make $250. Bitcoin or other crypto trading is profitable also in bearish markets. Any trader shorting Bitcoin on 15th April for nearly $64000 and closing the position at $30300 on 19th May will be generating a 50 % return in only 5 weeks. Bitcoin ranged from the mark of $28.7k to the resistance level of $30.6k in the last 2 weeks. Binance Coin is one of the best performing leading 20 altcoins by market cap in the last 10 days. It appeared to include a bullish structure on the price charts a few days back. But this price was rejected at a vital resistance level. The bullish bias thus appeared to shift bearish again.
Chart of BINANCE coin: 4 hours
- On the chart of 4 hours, the price had been in a serious downtrend before in May.
- It formed a very low high at $332.8.
- In the previous week, the price made more promising low points as it rose from underneath the mark of $250 the whole way to the mark of $335.
- Besides, the price broke over the lower high of the downtrend at $332.8 two or three days prior, to show that the market design might have had a bullish shift.
- The levels of Fibonacci retracement plotted for the drop of BNB from $413.6-$218.8.
- It showed the level of $339.2 to be the retracement level of 61.8%.
- This region additionally had a juncture with the more drawn-out term even level at $337.5.
- It which had gone about as help in January and February’s dive in prices.
- This conjunction of the opposition saw a dismissal for BNB.
- The value had all the earmarks of being set out toward a meeting close underneath the $316.2 mark, the half retracement level.
- This could see the $316 level retested as opposition and a further drop in prices.
Binance chart: 1 hour
- On the lower period price chart, the last 11 days’ uptrend should be visible all the more plainly.
- It began when the price flipped the area of $280 to demand from supply on 14th May.
- The price rallied higher from that point forward.
- It can likewise be perceived how significant the $316 support was throughout recent days.
- This is because it got tried on various occasions.
- Notwithstanding, ongoing long periods of trading saw such a level broken in a single meeting.
- A retest of this previous help zone as obstruction could offer a shorting a valuable open door.
- This short position’s stop-loss would be simply over the opposition zone, at $324.2.
- While the take-benefit lies at the zone of interest at $296 the cost posted a new move upwards.
- Binance’s 1-hour indicators show that the bearish momentum has areas of strength for been that selling volume has been weighty in the last couple of hours.
- The AO and RSI jumped underneath the neutral lines to show the dominance of the seller.
- The OBV likewise slipped underneath momentary help levels and could be going a lot lower.
Conclusion
The 4-hour flip in the structure, combined with the chart of 1 hour and all indicators, clearly suggested that Binance Coin may be moving downwards to the zone of $295. For a trade, one important aspect is technical analysis. Equally important are trade psychology and risk management. So the short position size must get allocated so that only a trading capital of 25 is at risk during entry.
