Having bullishly broken through the psychological price point of $9,000 at the end of May, bitcoin has gradually corrected downwards in subsequent days. At press time, bitcoin is trading at $7,800 — roughly -1.16% decline in 24 hours and losing its hold on the $8,000 mark. Bitcoin’s sharp tumble started from UTC 1 PM. Since then, it has brushed an intraday low of $7,480 before slightly regaining ground before press time. In this week, bitcoin price has declined roughly 15%.
Where Will the BTC Market be Headed Next?
In May, BTC price climbed over 70% which is the best performance since August 2017. And in the past 16 weeks, BTC keeps showing a strong uptrend movement. But on the high timeframe RSI and MACD indicators, BTC was absolutely overbought, leading almost 10% loss in the last couple days of May and early June. Based on the market trend and analysts’ predictions, Bitcoin seems to enter a middle-term correction and retrace. So is it possible for traders to make profits in the bitcoin market as it is right now?
Bitcoin Futures: The right way to go
As we all know, you can only make a profit when BTC price skyrockets to the moon when trading BTC spots. Obviously, during the market fluctuation, BTC spot trades will not bring you profit. Many experts, as well as professional investors, will choose Bitcoin futures. Bitcoin futures perpetual contract is a derivative product, with which traders can buy or sell BTC at a certain price at any time in the future. Leverage is one of the greatest advantages which will increase the profits X times if you betting on the correct market trend.
100 times leverage
So how to trade bitcoin futures? Actually, it’s quite easy. Firstly, you should choose an exchange that offers leveraged futures trading, Secondly, different exchanges provide various times leverage, such as 20x, 50x, 100x, etc. 100x leverage is the most popular. If you were to invest 1 BTC in 100x leverage futures contract, the true value of the contract worths 100 BTC. The higher leverage you choose, the greater risks you may afford.
Bidirectional profit is another advantage that comes with BTC futures. Despite the huge bullish run at last month, the market is ongoing an unpredictable consolidation, with many twists and turns along the way. Bitcoin price goes up and down quite a lot from $8,500 to $8,000, and drops to as low as $7,500, then climbs to $7,800. Taking advantage of BTC price ups and downs, you buy/up or sell/down BTC to make great profits.
There are many exchanges that offer 100x leverage futures trading out there in the market, for instance, BitMEX and Bexplus. If you are a professional trader, you can try the complex trading platform – BitMEX. For beginners, Bexplus is a better choice, which provides a super easy trading interface with 10 free BTC in simulated trading. In addition, you can get 100% bonus after deposit. Joining Bexplus now, you also have a chance to win wonderful gifts. You may get the latest Apple watch, Kindle, iPad, etc.
By the end of the year or by the halving in next May, BTC may see some downward price action in the long-term uptrend. Trade BTC futures contracts might be the smart investment which will bring you a great fortune as long as you make the correct market prediction.