Potential to Trade BTC Within a Trading Range
The high and low of the May 19, 2021 sell-off candle (highlighted in the chart) have defined a trading range for BTC USD, with the high of the sell-off candle ($47,497) defining an area of strong resistance and the low of the sell-off candle ($30,023) defining an area of strong support. The BTC USD price has been observed within this trading range for 39 days. It’s possible that the BTC USD price will be observed within this trading range until it breaks to the upside or downside. There is potential to trade BTC USD within this range.
For Trade 1 (T1), one would have opened a long position in proximity to the price indicated by A ($30,877) and closed that long position in proximity to the price indicated by B ($40,844).
For Trade 2 (T2), one would have opened a short position in proximity to the price indicated by B ($40,844) and closed that short position in proximity to the price indicated by C ($33,327).
For Trade 3 (T3), one would have opened a long position in proximity to the price indicated by C ($33,327) and closed that long position in proximity to the price indicated by D ($39,446).
For Trade 4 (T4), one would have opened a short position in proximity to the price indicated by D ($39,446) and closed that short position in proximity to the price indicated by E ($30,997).
For Trade 5 (T5), one would have opened a long position in proximity to the price indicated by E ($30,977) and closed that long position in proximity to the price indicated by F ($41,310).
For Trade 6 (T6), one would have opened a short position in proximity to the price indicated by F ($41,310) and closed that short position in proximity to the price indicated by G ($28,608).
For Trade 7 (T7), one would have opened a long position in proximity to the price indicated by G ($28,608) and closed that long position in proximity to the price indicated by H ($35,484).
For Trade 8 (T8), one would have opened a short position in proximity to the price indicated by H ($35,484) and closed that short position in proximity to the price indicated by I ($30,181).
Finally, for Trade 9 (T9), one would have opened a long position in proximity to the price indicated by I ($30,181) and that long position would currently be open.
The percent change in the BTC USD price associated with each of these trades is given in the chart.
This is not financial advice. I am not your financial advisor. This is my opinion.
For Trade 1 (T1), one would have opened a long position in proximity to the price indicated by A ($30,877) and closed that long position in proximity to the price indicated by B ($40,844).
For Trade 2 (T2), one would have opened a short position in proximity to the price indicated by B ($40,844) and closed that short position in proximity to the price indicated by C ($33,327).
For Trade 3 (T3), one would have opened a long position in proximity to the price indicated by C ($33,327) and closed that long position in proximity to the price indicated by D ($39,446).
For Trade 4 (T4), one would have opened a short position in proximity to the price indicated by D ($39,446) and closed that short position in proximity to the price indicated by E ($30,997).
For Trade 5 (T5), one would have opened a long position in proximity to the price indicated by E ($30,977) and closed that long position in proximity to the price indicated by F ($41,310).
For Trade 6 (T6), one would have opened a short position in proximity to the price indicated by F ($41,310) and closed that short position in proximity to the price indicated by G ($28,608).
For Trade 7 (T7), one would have opened a long position in proximity to the price indicated by G ($28,608) and closed that long position in proximity to the price indicated by H ($35,484).
For Trade 8 (T8), one would have opened a short position in proximity to the price indicated by H ($35,484) and closed that short position in proximity to the price indicated by I ($30,181).
Finally, for Trade 9 (T9), one would have opened a long position in proximity to the price indicated by I ($30,181) and that long position would currently be open.
The percent change in the BTC USD price associated with each of these trades is given in the chart.
This is not financial advice. I am not your financial advisor. This is my opinion.
Comment:
Note: The Phoenix Ascending indicators, which are freely available, are given in the lowermost panel. Please see publications by @WyckoffMode to learn how to use and interpret these indicators.
