First Attempt at BTC Break-out In Either Direction

I am really, really new at this. Beware. As others have stated, a/some whale(s) appear to be playing with us. I figure the best way to learn and develop my own analytical methodology is to document my successes and failures openly =)

Analysis based on past volume, support, and resistance levels. This analysis is not based on any particular methodology passed on to me by anyone else. It is in part intuition. The resulting trades are probably rather conservation because I am using rectangles for analysis -- not all of those fancy trend lines and triangles that the big boys use.

Area color legend:
- Red = resistance
- Green = support
- Yellow = volume voids or price gaps
- Blue = consolidation

The colored areas above and below the current consolidation area are my estimates for near-term, future areas. Two potential trades are documented. I do not claim to know which direction the price will go. I hope to estimate the distance it will move after a breakout. Not financial advice. Good luck out there.

Cheers,
AetherMass


Resulting potential trades:

Long at $8251.40
Stop (sell) at $8147.00 with loss of 1.27%
Profit (sell) at $8568.40 with gain of 3.84%
Risk reward ratio of 3.04

Short at $7784.90
Stop (buy) at $7892.50 with loss of 1.38%
Profit at (buy) $7431.40 with gain of 4.54%
Risk reward ratio of 3.29

Trade closed: stop reached:

The move above the buy line was not strong enough. Trade entered at 0833 and exited at 0911. I'm thinking about the lessons from this. Stops are a tricky subject. I am used to looking at alts currently. Their movements seem to be stronger. BTC often seems similar, but in a period of sideways movement tight stops may be a losing strategy.

Track record: 1/2 for crypto; 0/1 for BTC; 1 XRP/USD trade entered on the positive side; 1 IOTA/USD trade pending entry.

Note: I did not actually trade this BTC setup.