How to make money on crypt on a down trend if you can't short?
Disclaimer: This is not trading advice, this is just my own personal analysis, and strategy. Take it for what it's worth or leave it for what it's not.
First off all you have to know if we are in an uptrend, or down trend. There are many indicators of this, but one of the biggest is higher highs and higher lows on the daily for an uptrend, and lower highs and lower lows for a down trend.
If like me, and you can't short BTC (my brokerage doesn't allow it, I don't know about other methods of trading it.) We need to take a completely different strategy on trading it in a down trend to make money off it.
It's very simple, and I didn't invent it, but it's basically buy the dips, and sell the troughs on it's way down.
I like to use short term chart (6min18min) RSI as buy and sell signals in this circumstance.
First off all you have to know if we are in an uptrend, or down trend. There are many indicators of this, but one of the biggest is higher highs and higher lows on the daily for an uptrend, and lower highs and lower lows for a down trend.
If like me, and you can't short BTC (my brokerage doesn't allow it, I don't know about other methods of trading it.) We need to take a completely different strategy on trading it in a down trend to make money off it.
It's very simple, and I didn't invent it, but it's basically buy the dips, and sell the troughs on it's way down.
I like to use short term chart (6min18min) RSI as buy and sell signals in this circumstance.
I am going through the process right now of applying.
It's much easier to make money on Crypto, if you have the ability to both go long and short. Not to mention use leverage.
I have been using Robbinhood to trade crypto, and their prices have been getting better (in fact beat coinbase) But I don't have any ability to short, not to mention use leverage. So I am pretty hamstrung using that platform alone in it's current state.