Since March, investors have been moving their money into crypto currencies due to potential bank runs happening in the United States. Ever since Silicon Valley Bank collapsed, Bitcoin has been rallying from $20,000 to $30,000. Some investors are shifting money away from the dollar into Gold and Crypto. The remaining conservative investors shifted dollars to JP Morgan bank. However, it is important to note that the accompanying reason for the recent crypto rally is the low liquidity in our markets. As such, prices move easily.
Here, I have charted a daily analysis of Bitcoin on BitMake. During the Asian session of 17th April, Bitcoin was trading above $30,000 as its support. Should a healthy correction occur, we are looking for a test of support at ~$28,590 or ~$26,660.
Reacting to such a retracement, there are 2 approaches:
- A long-term trader who executes on a daily chart could go long at these 2 levels (less risk).
- A short-term trader could take advantage of the current short-term downtrend to trade until prices reaches support (more risk).
Trading Tip: Always react to price action.
If you are a short-term day trader looking to take advantage of the second approach, one suggestion is to close your positions daily. Often times, we might not have the discipline to do so. By far, BitMake is the only platform that offers this disciplinary approach.
Automatic Position Settlement:
BitMake performs automated position settlements on a daily basis, converting unrealized profits and losses into realized gains and losses. This valuable feature enables users to manage their risks more effectively and make informed decisions.
Unified Trading Account:
We also covered this in the previous article here. This is the most unique characteristic of BitMake. With this account, traders can easily collateralize multiple currencies and convert them into US dollars, which can be used as collateral for both spot margin and futures trading to maximize capital utilization.
Institutional User Support:
BitMake’s account system is designed to meet the specific needs of institutional users, with the ability to create multiple sub-accounts and sub-users for improved fund management and risk isolation.
BitMake’s innovative excess withdrawal feature enables users to collateralize their assets and withdraw amounts exceeding their available balance. This not only enhances asset utilization but also provides users with greater convenience in managing their assets while minimizing currency exchange transaction costs.
The platform features a user-friendly interface that offers a smooth trading experience, enabling both novice and seasoned traders to navigate the platform effortlessly and execute their trading strategies efficiently.
The article is from Crypto Auto.