BTC price action has been bound between $40,000 and $34,000 for most of the last 28 days. The market structure seems clear for now although predicting anything about BTC price is extremely tricky. It's a very volatile asset and has seen days when the price has ranged from $30,000 to $43,000 in a single day. In a sideways range bound market, there are always opportunities for swing traders. Big large body candles with price rejection at the key points of support and resistance provide for well defined points to enter and exit trades. While the opportunity and patterns are clear, there are days when the price has breached through these price points only to come back in range. This means it's extremely important to keep some breathing room and set your stop loss at least a couple of ATR away from your entry point. This video illustrates some possibilities and shows key price points and explains the market structure. There is absolutely nothing in this video that should be consider as investment advice. Please do your own research before you enter any swing trades.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.