~There is beauty in simplicity.~
-Trade Based off of Data, not Emotions
-Same Input = Same Output. If you don't do the same thing consistently, how do you know what you are doing wrong?
-Patience. There will always be another trade, another setup.
BTC/USDT 24 Hour
Not a strong position to take at the moment.
Price is simply consolidating at our current supportive HVN which also acted as our second profit taking target on the way down. We are underneath the Value Area of the Volume Profile, this boundary between Value Area and non-VA can serve us as support and resistance. The main factor I am keeping my eye on is the gap on GBTC and CME Futures. Although we did wick up to the zone I had charted out in my CME Chart, it's unclear to me if that area has been sufficiently filled. If we break to the upside I would most likely want to reduce or close my short position in a good profit. I'm currently considering hedging with an XBT Futures long because I do think it a likely scenario that we do start a march upwards of a few days. Ultimately, the likeliset scenario is that that rally fails as trapped buyers will sell at break even as we approach the previous swing high.
Levels of interest are denoted on the chart by yellow dashed lines. Those will represent profit taking targets for a long position, and also areas I would like to be short from **should** price react negatively from those levels. Reactionary trading is necessary for right now, we must simply move with the market and be aware of what direction it's moving in.
Although the higher time frames still represent a bearish Heikin Ashi trend, the lower time frames do show more short-term demand rather then supply. We are being supressed by a significant sell wall above 3,800. Should that sell wall be pulled I think we're likely to see price appreciation in the short-term.
Clearly holding onto our short is intelligent at this point in time, as it is the likeliest scenario, but I will be looking to hedge with an XBTM19 long now.
~Manage Risk, Trail Stops, Lock in Profits~
Cracking Cryptocurrency
-Trade Based off of Data, not Emotions
-Same Input = Same Output. If you don't do the same thing consistently, how do you know what you are doing wrong?
-Patience. There will always be another trade, another setup.
BTC/USDT 24 Hour
Not a strong position to take at the moment.
Price is simply consolidating at our current supportive HVN which also acted as our second profit taking target on the way down. We are underneath the Value Area of the Volume Profile, this boundary between Value Area and non-VA can serve us as support and resistance. The main factor I am keeping my eye on is the gap on GBTC and CME Futures. Although we did wick up to the zone I had charted out in my CME Chart, it's unclear to me if that area has been sufficiently filled. If we break to the upside I would most likely want to reduce or close my short position in a good profit. I'm currently considering hedging with an XBT Futures long because I do think it a likely scenario that we do start a march upwards of a few days. Ultimately, the likeliset scenario is that that rally fails as trapped buyers will sell at break even as we approach the previous swing high.
Levels of interest are denoted on the chart by yellow dashed lines. Those will represent profit taking targets for a long position, and also areas I would like to be short from **should** price react negatively from those levels. Reactionary trading is necessary for right now, we must simply move with the market and be aware of what direction it's moving in.
Although the higher time frames still represent a bearish Heikin Ashi trend, the lower time frames do show more short-term demand rather then supply. We are being supressed by a significant sell wall above 3,800. Should that sell wall be pulled I think we're likely to see price appreciation in the short-term.
Clearly holding onto our short is intelligent at this point in time, as it is the likeliest scenario, but I will be looking to hedge with an XBTM19 long now.
~Manage Risk, Trail Stops, Lock in Profits~
Cracking Cryptocurrency
Build Your First Trading Strategy Today With Our Free Guide!
fivemistakes.crackingcryptocurrency.com
Copy Trade Me On Fairdesk - Earn While You Sleep!
www.fairdesk.com/signup?vipCode=CrackingCrypto
fivemistakes.crackingcryptocurrency.com
Copy Trade Me On Fairdesk - Earn While You Sleep!
www.fairdesk.com/signup?vipCode=CrackingCrypto