Up, down, sideways.. If you check TV for an analysis on btc
everyone's count seems to be different.. Which makes sense, seeing how you can stare at the charts for hours and all you see is sideways action, then out of nowhere there is a huge spike in volume
, typically within a 5 minute candle, leading to bored traders getting excited and fomo trading at the first sight of movement. But just as soon as it began, it ends, and we are back to the boring sideways movement again. As a result, profitable trading setups seem to be scarce. Between the sideways movement and huge wicks on candles triggering stops, this market can be frustrating for traders. For those who feel like giving up on trading because of this, I recommend cutting out the noise by limiting your short term market analysis to 4 hr
candles and only dropping into shorter time frames for entries and exits. This has helped to prevent me from getting stopped out by huge wicks on what would have been profitable positions. You will need to set your stop losses further away, so as a result I find it beneficial to reduce leverage just in case the market does end up going against me, but at least that can help to eliminate easy stop hunting by larger players and I can add to my position as further price confirmation presents itself.
This is simply for educational purposes and not financial advice.
I'd appreciate input and to hear what your projections are.
Good luck Trading,