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1. How to make money on cryptocurrencies?
2. Volume analysis of BTC from Chicago Mercantile Exchange (CME).
3. Trend analysis
4. Japanese candlestick analysis
5. Conclusion. Statistics
1. How to make money on cryptocurrencies?
In order to earn on cryptocurrencies, you should trade using a proven strategy. You can test the trading strategy by using historical data and a demo account. Only then, you can switch to live trading. There is no need to rush here. You should better start with smaller trade volumes because of the following reasons:
Trading on a live account, a trader may feel anxious. It is hard to make any decision under pressure. You should get used to trading on a live account first. Therefore, traders should start with smaller trades, gradually increasing the lot size.
A trader should stay calm while trading. This is the only way to achieve results. If, after raising the lot, a trader gets nervous, then the lot is too big and should be reduced. Such a gradual approach to trading will allow you to reach stable trading results and avoid heavy losses.
2. Volume analysis of BTC from Chicago Mercantile Exchange (CME)
Amid a fall in the value of bitcoin, the market is about to enter a correction. The price has been in the sideways corridor for a few days. Today, it started to drop. The price may break this corridor and the downward trend will extend. Let us consider the levels of the highest traded volume from the Chicago Mercantile Exchange (CME).
April 5, 2021 – the level of the highest traded volume (POC – PointOfControl) – 59,700
April 6.2021 – the level of the highest traded volume (POC – PointOfControl) – 58,165
The POC has moved down. The price is below yesterday's level of the highest traded volume. The price is trying to break the lows of the previous days. According to volume analysis, you can sell bitcoin today.
3. Trend analysis
Trade with the trend is one of the most reliable trading method that was used long before the digital era. In this forecast, the trend is analyzed with the help of an exponential moving average:
Long-term trend – a blue EMA 1152 on the H1 chart, which is an alternative to EMA 48 on the D1 chart;
Mid-term trend – a red EMA 288 on the H1 chart, which is an alternative to EMA 48 on the H4 chart;
Short-term trend – a black EMA 48 on the H1 chart.
The price is below the short-term and the mid-term EMA. All EMAs are headed in different directions. Based on trend analysis, you can enter both long and positions today.
4. Japanese candlestick analysis
Japanese candlestick analysis is the third step in this trading system. Let us analyze yesterday's daily candlestick:
Yesterday's black daily candlestick has closed down. Its highs are above the highs of the previous candlestick.The candlestick pattern has long upper and lower shadows. Today, you can enter short positions today.
5. Conclusion. Statistics
Conclusion: You can buy and sell bitcoin in a short term on April 7, since different types of analysis provide different forecasts and the market is flat.
Only statistics can reveal how efficient a trading strategy is. In this forecast, trades are carried out in a separate account. Trades are conducted in four instruments: Bitcoin, Ethereum, Litecoin, and BCH/USD. Statement:
The market is flat. Therefore, I do not open new trades today.
The risk per deal is no more than 1%. A Stop Loss is placed beyond the high/low of the day, depending on the direction of the trade. A Take Profit is not set. A Stop Loss is moved beyond the extreme points of the upcoming sessions.
Since trading is carried out on daily charts, this recommendation is relevant throughout the day.
Trade with the trend and you will generate profits!
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