Bitcoin: simple trading tips for novice traders on August 10. Analysis of yesterday crypto market trades.
August 10, 2023 8:25 am
Tips for trading Bitcoin.
The price test at $29,784 coincided with the moment when the MACD was in the positive zone but had not yet reached its daily lows. This confirmation indicated the right entry point for purchasing Bitcoin. While the upward movement did not reach the target level, it did manage to reach $30,060. Today’s outcome hinges on price pressure in the US. If July’s data demonstrates further slowing price growth, it is likely that the demand for Bitcoin will increase. This would allow the US Federal Reserve to shift away from aggressive policies, which is favorable for high-risk assets. Should inflation exceed economists’ forecasts, pressure on Bitcoin will return, and we will continue trading within a sideways range due to uncertainty about the Fed’s future policy. Today, it is better to follow scenario 1.
Buy signal:
Scenario 1: Buying Bitcoin today is possible when the entry point around $29,683 (green line on the chart) is reached, with the target at $30,278 (thicker green line on the chart). It is better to close long positions near $30,278 and open short ones. Expecting significant Bitcoin growth can happen after a decrease in US inflation. Important! Before buying BTC, ensure that the MACD indicator is above zero.
Scenario 2: One can buy Bitcoin today if the price tests $29,417 twice. This will limit the downward potential of the trading instrument and lead to a reverse. Anticipate growth towards the opposing levels of $29,683 and $30,278.
Sell signal:
Scenario 1: Selling Bitcoin today is possible only after the level of $29,417 (red line on the chart) is updated, leading to a rapid decrease in the trading instrument. Bears’ key target will be the level of $29,037, where I recommend exiting sales and opening immediate purchases in the opposite direction. Pressure on Bitcoin will increase in the event of more significant price pressure in the US in July of this year. Important! Before selling BTC, ensure that the MACD indicator is below zero.
Scenario 2: Selling Bitcoin today is also possible if the price tests $29,683 twice. This will limit the upward potential of the trading instrument and lead to a reverse market downturn. Expect a decrease towards the opposing level of $29,417 and $29,037.
What’s on the chart:
Thin green line – entry price for buying the trading instrument.
Thick green line – the presumed price where you can set a take profit order or lock in profits manually, as further growth beyond this level is unlikely.
Thin red line – entry price for selling the trading instrument.
Thick red line – the presumed price where you can set a take profit order or lock in profits manually, as further decrease below this level is improbable.
MACD Indicator. When entering the market, it is crucial to consider overbought and oversold zones.
Important! Beginner traders in the cryptocurrency market should approach market entry decisions with great caution. Before significant fundamental reports are released, it’s best to stay out of the market to avoid being caught in sharp price fluctuations. If you decide to trade during news releases, always place stop orders to minimize losses. Without setting stop orders, you could quickly lose your entire deposit, especially if you’re not using proper money management and trading in large volumes.
Remember that successful trading requires a clear trading plan, similar to the one I presented above. Making impulsive trading decisions based on the current market situation is inherently a losing strategy for intraday traders.
The material has been provided by InstaForex Company – www.instaforex.com
Tips for trading Bitcoin.
The price test at $29,784 coincided with the moment when the MACD was in the positive zone but had not yet reached its daily lows. This confirmation indicated the right entry point for purchasing Bitcoin. While the upward movement did not reach the target level, it did manage to reach $30,060. Today’s outcome hinges on price pressure in the US. If July’s data demonstrates further slowing price growth, it is likely that the demand for Bitcoin will increase. This would allow the US Federal Reserve to shift away from aggressive policies, which is favorable for high-risk assets. Should inflation exceed economists’ forecasts, pressure on Bitcoin will return, and we will continue trading within a sideways range due to uncertainty about the Fed’s future policy. Today, it is better to follow scenario 1.
Buy signal:
Scenario 1: Buying Bitcoin today is possible when the entry point around $29,683 (green line on the chart) is reached, with the target at $30,278 (thicker green line on the chart). It is better to close long positions near $30,278 and open short ones. Expecting significant Bitcoin growth can happen after a decrease in US inflation. Important! Before buying BTC, ensure that the MACD indicator is above zero.
Scenario 2: One can buy Bitcoin today if the price tests $29,417 twice. This will limit the downward potential of the trading instrument and lead to a reverse. Anticipate growth towards the opposing levels of $29,683 and $30,278.
Sell signal:
Scenario 1: Selling Bitcoin today is possible only after the level of $29,417 (red line on the chart) is updated, leading to a rapid decrease in the trading instrument. Bears’ key target will be the level of $29,037, where I recommend exiting sales and opening immediate purchases in the opposite direction. Pressure on Bitcoin will increase in the event of more significant price pressure in the US in July of this year. Important! Before selling BTC, ensure that the MACD indicator is below zero.
Scenario 2: Selling Bitcoin today is also possible if the price tests $29,683 twice. This will limit the upward potential of the trading instrument and lead to a reverse market downturn. Expect a decrease towards the opposing level of $29,417 and $29,037.
What’s on the chart:
Thin green line – entry price for buying the trading instrument.
Thick green line – the presumed price where you can set a take profit order or lock in profits manually, as further growth beyond this level is unlikely.
Thin red line – entry price for selling the trading instrument.
Thick red line – the presumed price where you can set a take profit order or lock in profits manually, as further decrease below this level is improbable.
MACD Indicator. When entering the market, it is crucial to consider overbought and oversold zones.
Important! Beginner traders in the cryptocurrency market should approach market entry decisions with great caution. Before significant fundamental reports are released, it’s best to stay out of the market to avoid being caught in sharp price fluctuations. If you decide to trade during news releases, always place stop orders to minimize losses. Without setting stop orders, you could quickly lose your entire deposit, especially if you’re not using proper money management and trading in large volumes.
Remember that successful trading requires a clear trading plan, similar to the one I presented above. Making impulsive trading decisions based on the current market situation is inherently a losing strategy for intraday traders.
The material has been provided by InstaForex Company – www.instaforex.com
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