Regardless which way you want to trade, look for minimum five 4hr. candles in consolidation zones (yellow border boxes), or five daily candles for solid yellow boxes. If you're a pattern trader or pinbar trader, this might be useful here. Wait for a significant breakout of the 4hr. consolidation or daily consolidation from red border boxes to take the trade. Red border boxes are the High/Low of a consolidation period inside the consolidation zone. I usually aim for 80% of the weekly ATR (or monthly ATR for yellow solid boxes) taking profit but not always at the next yellow box. I place my stop loss above/below red border box.
*These zones, with the inclusion of price action described above, have remarkable accuracy.
Yellow border box: weekly consolidation zone Yellow solid box: monthly consolidation zone Red border box: High/Low breakout box (5 minimum candles)
@CameronBrooks, Still too early to know! It will be a few days until we see price clusters on the daily chart. That's where we'll have our breakout box!
ComteSt.Germain
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@Raqix, How about that, eh? Told you BTC was going down once we have our daily consolidation period.