Profit from the Crypto Market: A Step-by-Step Guide

Last time, we discussed the possibility of a death cross. However, the price has been struggling to break below 58k, with some buying volume around that level. It's also facing resistance at the 200-day moving average, resulting in current sideways movement around the 200-day MA. There's a lack of momentum in the larger time frames.

(Chart: https://www.tradingview.com/x/hLqshEgJ/)



On the 1-hour time frame, I see a range forming. We can potentially trade this range until a breakout occurs. We would enter a long position at the bottom of the range, take profit on 50% of the position at the middle of the range, and move the stop loss to breakeven. We would set a take profit for the remaining position at the top of the range. Conversely, if the price is near the top of the range, we would enter a short position, take a profit of 50% in the middle, and move the stop loss to BE. Finally, set a take profit for the remaining position at the bottom of the range. It's crucial to avoid tight stop losses as the market can easily trigger them. Additionally, look for signs of momentum to avoid "catching falling knives" (entering a trade against a strong downtrend).

Range details:

Top Range: 61.5k
Median: 59.8k
Bottom Range: 58.1k

(Chart: https://www.tradingview.com/x/h1Wom5vd/)



$BTC

#LowestCPI2021
#PowellAtJacksonHole
#MarketDownturn
#CryptoMarketMoves
#MarketSentimentToday