In the heat of a fast market it's hard to pick levels, but once stops dry up, it's almost like the market looks for levels. Things like previous S&R and key Fibonacci retracement levels, such as this 50% move, can work well.
I see movement like this and am reminded of my time as analyst in the JGBs (Japanese Govt Bonds). That was one crazy market and crazier it got, the more it seemed to find the big chunky technical levels. Pivots, fibos, chart level would all work better when volatility was higher. A lot of these kinds of movement in coins look just like that.
Perhaps part of your morning prep can include mapping out a few 'just in case' levels.
One of the early lessons we would give trainee traders in the prop dealing rooms would be to map out a daily cheat sheet. Start with daily charts, mark out the levels. Move to 4hr chart, mark out the levels. Move to shorter term charts, mark out the levels. Look for other obvious technical clues like patterns and candles. 3mins later you have a picture of possibilities.
Looking at a chart and retracement, such as that above, can often feel like hindsight analysis - and yes it can be. But what if this is the market you were trading and you had that cheat sheet mapped out?
I see movement like this and am reminded of my time as analyst in the JGBs (Japanese Govt Bonds). That was one crazy market and crazier it got, the more it seemed to find the big chunky technical levels. Pivots, fibos, chart level would all work better when volatility was higher. A lot of these kinds of movement in coins look just like that.
Perhaps part of your morning prep can include mapping out a few 'just in case' levels.
One of the early lessons we would give trainee traders in the prop dealing rooms would be to map out a daily cheat sheet. Start with daily charts, mark out the levels. Move to 4hr chart, mark out the levels. Move to shorter term charts, mark out the levels. Look for other obvious technical clues like patterns and candles. 3mins later you have a picture of possibilities.
Looking at a chart and retracement, such as that above, can often feel like hindsight analysis - and yes it can be. But what if this is the market you were trading and you had that cheat sheet mapped out?