I have been day trading Bitcoin for a few months now. Overall I'm pretty much making nothing and losing nothing. It seems to me that there is no logic at all to the market. No matter how much research you do, how much you look at the technical's and how much you try to hedge you absolutely can't predict the massive dumps that happen every day. They appear out of nowhere at random times and drop the market by $200 - $300 at a time.
This smacks of huge manipulation of the market. They are making it impossible to trade with bitcoin in any way other than a pure gamble. Anyone else noticing this?
With a constantly changing and unpredictable market like today, your short-term trading is the best way to make a profit in a safe way. You can see that the market is bearish in the long run so it is very difficult to trade successfully if the long-term investment risk is very high. It is therefore recommended that you trade short term by day to minimize risk.
Day trading is one of good source to earn extra money but like what you said it is very high risk some big whales can manipulating the price in a short run to earn a huge money so if you joined that flow you can also earn huge money but take note dont be greedy in trading if you notice you earn profit the go and sell rebuy when price go down.