Top Strategies for Day Trading in Cryptocurrencies

In this blog, I’ll cover:

1. How to find coins to trade using CoinMarketCap and other tools.
2. How to trade using platforms like Binance, Bybit, and Fex.
3. How to chart effectively on TradingView.
   All this information is completely free, and all I ask is for you to drop a like if you enjoy it!

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Getting Started with CoinMarketCap

CoinMarketCap aggregates data on all cryptocurrencies. I begin my day here by:

• Checking price action, market health, and portfolio performance.
• Sorting coins by 24-hour and 7-day movements to find potential trades.
• Identifying coins with large drops as buying opportunities, ensuring they have sufficient volume (at least $30–50M).

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Using Crypto Bubbles for Insights

Another fun tool is CryptoBubbles.net, which provides:

• Visual insights into hourly, daily, weekly, and monthly market movements.
• Quick analysis of coins like LINK or KSM by hovering over the bubbles.

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Choosing an Exchange

Once you’ve identified a coin, check its exchange and trading pairs on CoinMarketCap.

• Example: KSM/USDT on Binance.
• Log in to the exchange, open the trading pair, and analyze its performance.

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Analyzing Charts with TradingView

TradingView is essential for chart analysis. Here’s how to set up and use it:

1. Open the coin’s chart, e.g., KSM/USDT on Binance.
2. Use the 4-hour time frame for actionable insights.
3. Add Bollinger Bands and Relative Strength Index (RSI) indicators:
   • Bollinger Bands: Show price movement within upper and lower bands.
   • RSI: Indicates overbought (above 70) or oversold (below 30) conditions.

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Trading Strategy: Combining Bollinger Bands and RSI

To identify a trading opportunity:

1. Look for the price touching the lower Bollinger Band.
2. Confirm the RSI is below 30 (oversold).
3. Enter a buy position and sell when:
   • The price touches the middle band for conservative gains.
   • The price reaches the upper band for maximum profit.

Example:

• Buy when KSM hits the lower band and RSI drops below 30.
• Sell at the middle band for a 15% profit in 8 hours.

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Tips for Consistent Daily Profits

• Target 2–5% daily profits to build consistency.
• Combine multiple indicators for better accuracy.
• Use a well-funded account to meet the $100/day goal.

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Swing Trading for Long-Term Gains

For swing trading:

• Use longer time frames like the daily chart.
• Look for similar setups with Bollinger Bands and RSI to capture larger moves over days or weeks.

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Resources for Beginners

1. Bitcoin Blueprint: A comprehensive A-to-Z guide for cryptocurrency trading.
2. Exchange Links: Get sign-up bonuses (e.g., $1,600 on Bybit).
3. Binance Tutorials: Free guides to help you navigate trading platforms.