Bitcoin has recorded a very strong week after the turbulence witnessed in September. The weekly candle printed an 18% gain so far. A few metrics are pointing to a bullish outlook for the leading cryptocurrency. BTC sliced above $50,000 on October 5 for the first time since September 7.
Along with the Bitcoin price appreciation over the past week, the network’s metrics also show solid momentum in tandem with the BTC price climb. Last week, Bitcoin recorded over 1 million daily addresses for the first time since September. This suggests that the world’s largest cryptocurrency may be seeing renewed demand.
In addition, Bitcoin price sliced above the governing resistance trend line that formed since April when BTC recorded its all-time high at nearly $65,000. Breaking above this headwind is bullish for the bellwether cryptocurrency but a weekly close above $50,985 could confirm accelerating interest in the digital asset.
While trading in a bull market may easy for most investors, before the crypto industry matures further, fear uncertainty and doubt (FUD) still plays a large role in swaying prices. Investors were quick to forget the news of China banning cryptocurrencies that were circulating on September 24, which led to a 10% plunge in 24 hours.
Therefore, traders should still be aware of the need to manage risks despite the overall market is trending upwards. Proper crypto trading strategies would prevent traders from losing large amounts of capital if the digital asset’s price moves unfavorably.
Investors should also note that there are many factors that come into play in cryptocurrency markets, including whale movements — large crypto investors that could move prices — as well as institutional investors that dive into the digital asset market.
In addition, technical analysis plays a huge role in for traders to determine where the cryptocurrency is headed next. However, the interpretation of the charts depends on the trader and there is not an indicator that predicts prices correctly 100% of the time. Therefore, implementing stop losses is essential in crypto trading.
It goes without saying, that booking profits would be the most important priority for traders. Therefore, being able to set trades for a profitable sell order as well as a stop-loss place would be the most optimistic setup for crypto traders.
While exchanges do not provide an option to set both orders at the same time using the same balance, crypto automation trading platform CoinPanel allows traders to do just that.
CoinPanel allows users to set automation orders, which enables trades to be executed on the exchange when the price reaches a certain point as set by the trader.
With CoinPanel’s Full Trade feature, users can directly set an entry order, multiple take profit orders and stop losses all at the same time.
To take full advantage of the bull market as Bitcoin price recovers and implement a proper crypto trading strategy, check out the CoinPanel platform.