I'm back with another warning and yes I know I have been repeating myself so here's the latest update...
Bitcoin and the overall crypto market are playing a game of ping pong with the market makers actively sourcing liquidity from the futures market. This creates choppy price action without a real direction within the local range between 45K and 34K. These types of environments are far from ideal for day trading and it is this type of price action that has blown up many accounts over the past months. In my opinion you should stay away from such plays and focus on the long term - at least that's what I'm doing.
Currently Bitcoin is inside a pennant or symmetrical triangle and should be continuing its trend down next week. With the FOMC opening the next trading week we could see some high volatility incoming soon. With inflation through the roof (and no that's not just geopolitical pressure but mostly policy or lack thereof) the Fed WILL TAPER and RATE HIKE AGGRESSIVELY. The Fed has been sitting about for too long hoping for transitory inflation (what a joke), fading supply chain issues (wasn't the real problem to begin with) and aiming for a soft landing. By doing so, they left too much time on the table doing absolutely nothing, that now they are forced to act decisively or completely lose credibility.
This means there is no bullish narrative for the risk-on market (in the mid / short term) regardless of what some "experts" are trying to tell you. Market makers have been preparing for next week since last October so my suggestion is you come prepared as well (whatever that means for your portfolio and your situation). We got some simple levels here that will tell you what will happen: confirmed break of 45K > 56K (very unlikely but never say never), confirmed break of 37K > 30K. Be ready and good luck.
Ps. don't get into risky trades, take the outmost caution, you don't need to make money now, you should make money in the long run.
For more info check the links below.