Swing Trading
When it comes to cryptocurrency trading, there are a lot of trading strategies and techniques used by different traders in an attempt to capitalize on the cryptocurrency market fluctuations in order to make more profits. The swing trading style is one of the many popular trading styles that is used by a lot of cryptocurrency traders to make a lot of profit from the cryptocurrency market fluctuations. However, it is also important to know that there is no right or wrong trading style or perfect style, it all depends on the strategy or style that the trader understands and feels more comfortable with and above all, the style that is most effective for the trader when it comes to making the most profit.
Swing trading is simply a type of trading in which a trader holds a particular cryptocurrency for a much longer time frame compared to day trading. The timeframe in which the trader holds the cryptocurrency can vary from multiple days, to weeks and sometimes even months so as to profit from the market swings or price movements in the cryptocurrency market. The cryptocurrency market is volatile and consists of price swings or movements, a swing trader tries to profit from these market swings or movements by holding a particular cryptocurrency for a longer timeframe and waiting for the market movements to either enter or exit a trade in order to make more profits.
Crypto Asset Pair
A cryptocurrency asset pair is simply the pair of cryptocurrencies that can be traded for one another and also shows the comparisons between the prices of the cryptocurrency pairs. For example, ENJ/USDT, ENJ/BTC, ENJ/ETH are clear examples of crypto asset pairs. The cryptocurrency asset pair I will be using is the ENJ/USDT pair for the swing trading. My focus will be on the Binance exchange simply because there are more volume there which makes it much easier for the technical analysis. The crypto asset pair is very important in swing trading because it plays a major role when doing the technical analysis and in the result of the trade.
The prices of cryptocurrencies might vary depending on the crypto asset pair - that is why it is important to choose the right crypto asset pair before swing trading. Take for instance, a particular cryptocurrency might have a high volume in the USDT, which means that there is a lot of liquidity in that USDT market and also means that there are more people trading that cryptocurrency asset using that pair. Also, that same cryptocurrency asset might have a very low volume and liquidity in the ETH pair, which means that there are not many people trading the coin using the ETH pair. This can heavily affect the analysis and give a lot of false signals. That is why it is very important to always make use of the right trading pair, or the trading pair with a lot of volume.