I am a crypto enthusiast and what people will call a "technical analyst",
For me, trading is a lifestyle and something i enjoy getting into daily. A lot of people preach the concept of "hodl" and while that is indeed a good long term strategy, it is long term and mostly work in a bull season or an upward price move, but the market doesn't respect anyone or wait for anyone. If you don't take profit while trading, you could lose it all and be left as a "bag holder"
Since i began actively trading in March 2020, i leaned towards the "scalping theorem" of having an entry and an exit, rather than waiting weeks to months with hopes that price surge exponentially.
As we entered into the bull season that ran between October 2020 and May 2021 before the correction, it was fun to scalp but even more fun to HODL as most coins were surging 80%-500% in a 3 - 90 days period. Eventually, i gave into hodling in April and paid the price in May as my portfolio dropped by 65% and i began working my way back up in June, recovering my loses one trade at a time.
This led me to do a lot of research to find which strategy was best suited for what i wanted. I applied the RSI strategy but quickly realized that price could be in an oversold region for days as well as in the overbought region for days, so i proceeded to learn the Bollinger Band strategy and with the help of a good friend, made a bot that sends alert when the candle touches the upper or lower bands.
Disclaimer - Nothing in this article constitute as financial advise. I am not a financial adviser and this post is just to share trading knowledge. Nothing here should be taken as advise and trades should not be executed solely based on the content within this article.
THE STRATEGY
Whenever the bollinger band touches the lower band and rsi is below 30, the price of the coin is about to go up. Similarly when the upper band is touched, the price is about to go down. This is the broad concept of it. Breaking it down, you realize that sometimes, it touches lower and goes down even more, touches upper and goes up more, the idea is to make you monitor the price and act accordingly.
Here is the link to the telegram bot for #BTC 15M|4h
TG Bollinger Band alert bot
Feel free to test it out - still has space for 900+ users or so.
When combined with RSI, it is a simple, effective and an amazing strategy for intraday trading.
Happy Trading!!!