$BTC - Fakeout Breakout
The sell-off at the end of last week traded between the 50%-61.8% fib from the 2022 low to 2023 high where buyers stepped in. However, as the market was selling-off on the hard right edge, this view was clouded for most as they couldn't see past the FEAR surrounding the dip. There was a similar buy reversal pattern on the daily as there was on the Feb 2023 dip. Those buying 21K support added fuel to the sell-off, only to have it all come back and more. This is the ebb and flow of the market. This repeats over and over again. They key is taking this knowledge and learning how to identify professional activity in real-time, at the hard right edge.
BTCUSD is currently testing resistance. The monthly and higher time frames are still in a downtrend and the weekly is ranging and is still forming a sell reversal pattern. I'd love to see a break of resistance towards the next sell zones and sell that rally. Those that bought the dip will need to take profit and there's no better way than to pop the top which will trigger more late FOMO longs making it easier to sell.
One trade sets up the next. You have to be forward thinking and plan your trades in advance. If you come to the battle field without a plan and don't know what you're going to do, the odds of success aren't in your favor. The large players already know in advance what they're going to do. They've created the narrative, put the pieces in motion, and fed the reporters the stories they want to hear. There is a lot of planning that goes on in the background to make the pon_i game of trading possible. If you want to stand a chance, you have to understand how the game is played, patiently wait for the right conditions and levels, execute, manage your risk and emotions. Being dispassionate is extremely important because your emotions can and will be used against you. Especially, when the market is ripping the head off anyone that stands in its way.
Remember, keep your risk low and manage your trades.
Plan. Execute. Next.
Trade Less. Make More.
BTCUSD is currently testing resistance. The monthly and higher time frames are still in a downtrend and the weekly is ranging and is still forming a sell reversal pattern. I'd love to see a break of resistance towards the next sell zones and sell that rally. Those that bought the dip will need to take profit and there's no better way than to pop the top which will trigger more late FOMO longs making it easier to sell.One trade sets up the next. You have to be forward thinking and plan your trades in advance. If you come to the battle field without a plan and don't know what you're going to do, the odds of success aren't in your favor. The large players already know in advance what they're going to do. They've created the narrative, put the pieces in motion, and fed the reporters the stories they want to hear. There is a lot of planning that goes on in the background to make the pon_i game of trading possible. If you want to stand a chance, you have to understand how the game is played, patiently wait for the right conditions and levels, execute, manage your risk and emotions. Being dispassionate is extremely important because your emotions can and will be used against you. Especially, when the market is ripping the head off anyone that stands in its way.
Remember, keep your risk low and manage your trades.
Plan. Execute. Next.
Trade Less. Make More.
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