So here’s a new theme tossed into the mix. I’ll drop intraday trading ranges for Bitcoin, Ethereum, and an altcoin I’ve been trading. Each month I’ll include an additional altcoin to the mix eventually making this list pretty large.
The Breakdown
The images will have a support zone, labeled Buyer Value Area. This is a region where I’ll be looking to take a long trade if technical indicators are showing some signal of a reversal/bounce, often in conjunction with a price action candle (here’s an old post I wrote about the ones I like to use, Candlestick Patterns).
The images will have a resistance zone, labeled Seller Value Area. This is a region where I’ll be looking to take a short trade if technical indicators are showing some signal of a reversal/crash, often in conjunction with a price action candle.
The images will sometimes have a zone, labeled Trouble Area. This is a region between support and resistance levels where price has had a hard time passing through and has consolidated in/around before. These are often places I’ll either start trailing my stop to save my profits if the directionality turns on me OR places I can make quick scalps on smaller timeframes when I’m waiting for prices to get to value areas to make higher probability trades.
Each level can be used for long and short trades: Longs from support bounces or shorts from support failures; Shorts from resistance holds or longs from resistance breakouts.
All trade setups one takes should ideally have some sort of technical indicator confirmation aside from just price action around the level but to each their own.
Zones aren’t exact by any means so just eyeballing the picture you can draw out your own on your charts if need be. I’ve marked the middle of the zones with a yellow price label.
BTC/USDT
ETH/USDT
XRP/USDT
I’ve had a field day trading XRP as of late. It dumps so hard giving up all its gains time after time. In the non-trending rangebound markets we’ve been stuck in for a bit horizontal levels on XRP are pretty great when technical indicators line up showing weakness or strength at said level.
Pretty quick and easy new post for Tuesdays. Hope you find them useful. Remember, while we are non-trending take profits where you can get them. Don’t stick around in positions too long. You don’t want to give all the gains back in the chop.
@theprivacysmurf
I will pay more attention to XRP 📈📉 ... thanks!
Great post as Always Terry