Using market-price makes me nervous when buying crypto, especially if I am setting up automated trades e.g. "buy if price > X":
- not only can prices change very quickly but
- I have seen very brief blips (typically on other coins but I think it's still possible on BTC) where for a few seconds the price may spike/crash 50% perhaps due to a very large trade - these could wreak havoc on my trades if I caught one
So limit buys seem preferable to me. But since the price is always changing and we have spread to consider, what is the normal way to do this?
Say I want to create an order to buy BTC when the market reaches $50k because I think that would signal a breakout. If I understand correctly it's no point setting my limit as $50k because if the price is rising, I already missed my price-point.
What would be a typical strategy when setting these limit prices... is there a "normal way" of doing this I haven't read about?