Well dont let my title rattle your little feathers if your a bitcoin enthusiast and you come to the defense of bitcoin if anyone happens to give a little negativity to the Cryptocurrency. I love bit coin, I love Cryptocurrency and all that it stands for. What I want to say is that trading the currency at this moment just sucks. Why? well there are a few reasons why I think that trading Bitcoin just sucks. Firstly, Bitcoin is hitting all time highs and while that is great for the people that hold their bitcoins and don't sell them, the opposite is that those of us that don't have at this moment $3650 in bitcoins can't make a big profit. BITCOIN IS TOO EXPENSIVE!!!! I have a 2000 USD account that I am trading with and since the boost of bitcoin over the $3000 mark, it makes it so much harder for me to make a profit as a day trader of bitcoin. Now when I try to buy in on a full position, my max bitcoin position is now .51 BTC. only $51 a day when it is a predictable day to trade. At this moment, Bitcoin is so unpredictable that I almost just want to throw in the towel and return to trading in the stock market. Trading the stock markets is now so much more profitable than trading the all mighty bitcoin because of that predictability. Secondly, I live in the USA and when I trade, I mainly do it in the morning around 7 am pacific time, and it seems that the market makes it hikes on the strangest hours. Mainly, the Bitcoin market hours of trading for the best gains is between 3am - 6am. The hours that I am sleeping. I always wake up looking at the market rallying around those hours and I am always late to jump on the train. Yes, it is great that the market is 24/7. But, it is a annoyance to see that the market has a lot of dead hours where the consolidation is long and you are unable to figure out in what direction the wave will go. Bullish or Bearish! FUCKKK!!! .
Thirdly, I have never seen such a manipulated market as such as the cryptomarket exchanges. How is it that that the market goes bullish when there are far less buyers than sellers???
You know, as a day trader in the real markets, we are able to make good technical analysis to see where there is good support or resistance. Not with Bitcoin. And it's frustrating to see that you see the wave move up, moving super fast that the only way to get in is on a market order only to make a few dollars because the pullback happens just as suddenly as the spike and add in that commission price for making the market order just adds to lost profits. Sure, I can make those limit orders and get a profit when Bitcoin makes the predictable $30 range trading, but at the current price I am only making around $15 for that type of range trading. I know some people will say " well just trade the other cryptos" but let me tell you, Bitcoin is king of volatility and the best one to make money on a day to day basis. Bitcoin is KING!. Unlike others, I'm really hoping that bitcoin returns to the around $2500 to make it more enjoyable to trade as an income. For now, I'm just going to try to get in as low as I can because from what I am seeing at the moment of this writing August 11th, 2017 at 6:00pm Pacific, just at it happened last Friday, the bitcoin will go up to around $3900 USD. How sad to see that I will not be able to make a good income on bitcoin once those levels have reached. What a shame.
I recommend not trading and not selling. Just buy-and-hold and ride the ups and downs.
There's other alt-coins that are ripe for trading but.... I learned the hard way a long time ago and regret trying to make quick, easy money with Bitcoin. It will not cooperate.
That is what im going to do on the next big pull down. $4000usd per bitcoin can happen in a couple of days and $4500 by the next friday. It just sucks that its going so high that I cant trade it anymore.