I have put together both a High Time Frame ( HTF ) & Low Time Frame (LTF) trading plan. Hopefully to provide information to you all on where you should look to enter into the market for both directions.
Currently Bitcoin is in a zone of consolidation, in which we would typically expect to see a break-out to the north-side. However, it is important to note we are in the wild-west and therefore we need to consider both sides of the equation. Further to this, with the on-going uncertainty in the economy, this further smokescreens the direction. This is why it's imperative we have two plans to take advantage of either directional-swing.
When the range tightens (especially for Bitcoin), the break-outs tend to be very large. Therefore the focus should not be on looking to maximize gains, but to minimize losses. A carefully curate trading plan with little exposure to risk is the answer here.
If we look on a HTF, a break to the downside provides us with an area to look to flip to long, in the demand zone, which could potentially print an inverse head & shoulders, leading to a breakout above the neckline & sub-sequentially the long-term descending resistance.
This can however be skipped if we break out from here. In which we should see a push to ATH levels end of year.
I hope this was some-what useful. Any additional questions, leave me a comment and I'll get back to you :)
Your's sincerely, Anon.
Comment
⋅
Consolidation zone / POC flipped into daily close, looks like we will see some upside.
Comment
⋅
Bitcoin is starting to show signs of weakness. I'm still expecting some element of a push to the range high, and then a drop to the green box to complete wave C.
Make sure to like the post to have notifications to updates!
@thitganuong, With spot and derivatives market equal forces, in addition to market makers thinning order books at specific times to move price, volume with BTC is very much skewed. It has been my opinion that my charts are more accurate when I don't try and coincide it with volume.