Following the recent approval of the #BTC-ETF the price of Bitcoin experienced a decline as anticipated. However, amidst the downward movement, a noteworthy rebound occurred within the $38,500-$39,300 support range, prompting a subsequent recovery. The current focus revolves around determining whether the recent dip marks the bottom, and whether the price will A) successfully breach the $48,000 resistance, B) face a rejection leading to further decline below the $38,500-$39,300 support areas, or C) undergo a consolidation phase before initiating an upward movement.
As a prudent trader, it is crucial to prepare for all potential scenarios, as illustrated in the charts below.
First:
Second:
Third:
Having these three scenarios, the question is, how would I trade this movements?
It is important to understand that we can’t be 100% sure on which of those three scenarios would play-out as we don’t have a control over what would happen however, we can position ourselves and benefit with this scenarios.
On January 29, 2024:
Given these scenarios, the pivotal question is: How should one approach trading amidst these potential movements?
It is essential to acknowledge that predicting with absolute certainty which scenario will unfold is impossible. However, strategic positioning can enable traders to capitalize on various outcomes.
On January 29, 2024:
In anticipation of potential scenarios, I opted to position myself by acquiring BTC pairs against different currencies. This strategic move ensures that, regardless of the unfolding scenario, there is an opportunity for gains.
Specifically, I engaged in trading pairs such as hBTCAU (BTCAUD), hBTCEU (BTCEUR), and hBTCGB (BTCGBP). My preference for diversification across multiple BTC/Currency pairs stems from a strategic approach aimed at enhancing trading safety and effectiveness. $BTC
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Where I am trading? I am trading at #hootdex , a Decentralized Digital Asset Swapping System
HootDex is a peer to peer decentralized digital asset swapping platform that was built from the ground up to meet the growing needs to crypto native firms, financial instituions and the retail digital asset community.
HootDex offers secure, fast, efficient and cost effective trading and settlement in a decentralized environment. It is a purpose-built platform that integrates the best practices from both traditional financial and decentralized financial markets.
You can follow my portfolio at : https://hootdex.net/dbt/BCTx where all my trades are being documented
