Quiet Markets are Boring, but OPPORTUNISTS get REWARDED well
Yes, quiet markets are boring, but there is a very high chance the next move is HUGE. This is where some traders stop trading, wait for the next big move to initiate only to FOMO and be late to the party. If this is you, stop doing that and read this post.
1. Markets don't last forever. Once the market breaks into a trend, emotions are triggered and volatility starts to rise. Traders start to FOMO and volatility continues to rise. This is why you need to rehearse the event, have a trading plan and setup in place before it begins so you can make good decisions without the intervention of your emotions.
2. Fakeouts and manipulations rarely happen during low volatility thus moves are normally trusted. This does not mean you can make trades blindly, it just means you have a higher chance of success when a confirmation occurs. I have shared more details on manipulation and fakeouts in my previous post so I will not elaborate here.
3. Prepare moves in both directions, know where SR levels are and what to do if the price breaks those levels.
I have not traded much during this quiet sideways market as the RR Ratio is not good for me but that does not mean my eyes are totally off the market. In my previous post, I highlighted key areas of value that I am waiting before I make a move. However there are some minor changes as time progress, the support levels and resistance levels move as well.
KEY RESISTANCE LEVELS to monitor closely.
1. 24.276k: This remains a key level as per my previous post. Resistance from the most recent high, also coming from a huge Supply/ Demand Zone (GREY Rectangle ) from Dec 20.
2. 26.577k: Resistance from previous Support flipped Resistance at the weekly open on 13th June.
HOW I TRADE THIS: Long if this close above 24.67k on daily basis. Short it if there is a bearish reversal candlestick pattern formed on this key level in the 4H time frame.
KEY SUPPORT LEVEL to monitor closely.
1. 22.4k: Support from the most recent low, confluence with 200EMA in 4H timeframe and support from the rising channel since June low at 17.6k.
HOW I TRADE THIS: Long if there is a bullish reversal candlestick pattern formed on this key level in 4H time frame. Candle close below would make things complicated and I would reassess for a short play. This would create a huge downside potential for BTC and other cryptos.
FOCUS on the next potential move.
1. Markets don't last forever. Once the market breaks into a trend, emotions are triggered and volatility starts to rise. Traders start to FOMO and volatility continues to rise. This is why you need to rehearse the event, have a trading plan and setup in place before it begins so you can make good decisions without the intervention of your emotions.
2. Fakeouts and manipulations rarely happen during low volatility thus moves are normally trusted. This does not mean you can make trades blindly, it just means you have a higher chance of success when a confirmation occurs. I have shared more details on manipulation and fakeouts in my previous post so I will not elaborate here.
3. Prepare moves in both directions, know where SR levels are and what to do if the price breaks those levels.
I have not traded much during this quiet sideways market as the RR Ratio is not good for me but that does not mean my eyes are totally off the market. In my previous post, I highlighted key areas of value that I am waiting before I make a move. However there are some minor changes as time progress, the support levels and resistance levels move as well.
KEY RESISTANCE LEVELS to monitor closely.
1. 24.276k: This remains a key level as per my previous post. Resistance from the most recent high, also coming from a huge Supply/ Demand Zone (GREY Rectangle ) from Dec 20.
2. 26.577k: Resistance from previous Support flipped Resistance at the weekly open on 13th June.
HOW I TRADE THIS: Long if this close above 24.67k on daily basis. Short it if there is a bearish reversal candlestick pattern formed on this key level in the 4H time frame.
KEY SUPPORT LEVEL to monitor closely.
1. 22.4k: Support from the most recent low, confluence with 200EMA in 4H timeframe and support from the rising channel since June low at 17.6k.
HOW I TRADE THIS: Long if there is a bullish reversal candlestick pattern formed on this key level in 4H time frame. Candle close below would make things complicated and I would reassess for a short play. This would create a huge downside potential for BTC and other cryptos.
FOCUS on the next potential move.