FOMC is upon us once again which means a high volatility event to prepare for.
BTC has fallen out of its 32 day mini range and is looking to close below its local low of ~29.5k. This gets the alarm bells ringing as there is a large FVG waiting below to be filled. A high volatility event such as FOMC can often help in achieving this but it's important to plan for each eventuality. You must plan for what the market does, not what you want it to do.
In green we have the bullish buying opportunities I have established, one is a simple range midpoint reaction play. I would like to see a wick below and a reclaim before targeting those range highs once more.
If that is not the case another bullish buying opportunity would be the daily bullish OB at 26.5k. This would allow the vast majority of the FVG to be filled and BTC could continue a rally towards local highs and potentially beyond.
For a bearish scenario, if price were to continue the downtrend past the midpoint with no significant reaction, this would prompt me to target either the bullish OB, or the range low.
These are the key areas for me, there really isn't a lot of good R:R trades in-between in my opinion. At least on the 1D timeframe.
BTC has fallen out of its 32 day mini range and is looking to close below its local low of ~29.5k. This gets the alarm bells ringing as there is a large FVG waiting below to be filled. A high volatility event such as FOMC can often help in achieving this but it's important to plan for each eventuality. You must plan for what the market does, not what you want it to do.
In green we have the bullish buying opportunities I have established, one is a simple range midpoint reaction play. I would like to see a wick below and a reclaim before targeting those range highs once more.
If that is not the case another bullish buying opportunity would be the daily bullish OB at 26.5k. This would allow the vast majority of the FVG to be filled and BTC could continue a rally towards local highs and potentially beyond.
For a bearish scenario, if price were to continue the downtrend past the midpoint with no significant reaction, this would prompt me to target either the bullish OB, or the range low.
These are the key areas for me, there really isn't a lot of good R:R trades in-between in my opinion. At least on the 1D timeframe.