Bitcoin: How to Trade Using the Price Channel
It is not a good time for swing trading. The previous upward movement was not continued, and the price moved back in the borders of the price channel. The resistance zone between 11 900USD and 12 000USD doesn't allow the buyers to push the price up. The support zone between 11 700USD and 11 600USD doesn't allow the sellers to the price down in the direction of the bearish signals from the daily chart.
How to trade in such market conditions?
Again, we should follow the simple principles of trading in the range. For this, we use reversal signals at the borders of the price channel. We buy at the bottom and sell at the top. Stop orders for buy trades should be placed below the support. Stop orders for the sell trades should be placed above the resistance.
If the price breaks the support zone, we use the breakout for opening short trades. If the price breaks the resistance zone, we use the breakout for opening long trades.
Stop orders for buy trades should be placed below the local swing low and stop orders for sell trades should be placed above the local swing high.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
How to trade in such market conditions?
Again, we should follow the simple principles of trading in the range. For this, we use reversal signals at the borders of the price channel. We buy at the bottom and sell at the top. Stop orders for buy trades should be placed below the support. Stop orders for the sell trades should be placed above the resistance.
If the price breaks the support zone, we use the breakout for opening short trades. If the price breaks the resistance zone, we use the breakout for opening long trades.
Stop orders for buy trades should be placed below the local swing low and stop orders for sell trades should be placed above the local swing high.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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