BTC Update and Trade Preparation

Let’s start this with a BTC chart as we always should. This chart has more info than I’d normally throw on, but it covers a basic overview of how I am currently approaching trading. I don’t like the small range trading much, so I wait until we move out of those ranges and then jump into trades.

The range we are currently stuck in (as I see it) is shown by the blue support/resistance lines. I will jump into more trades as soon as BTC makes a move outside of that range. So the next step to account for is how long do we jump into trades for. This is always subjectively and should be adapted as more data comes in, but the next levels higher and lower that I would expect are shown by the other ideas on the chart.

While BTC finds its ranges like this, it’s when I like to take the opportunity to prepare some trades. This helps later when BTC makes a move and I am quickly looking for the best trades that I want to enter. There are many ways to find these examples, but I will simply leave a few images below to show some setups that I am keeping an eye on. It’s important to understand that if these setups break out before BTC leaves the range, I am not trading it. I only want setups that overlap with BTC’s timing to maximize the success of the trade. Few examples that I am watching:

DOGE short idea

ETC can be seen as a long or short depending on how the market moves

GMT can also be played as a long or short depending on how the market plays out, but I like watching setups like this

And just to add to this. I want to provide a couple other setups I have been watching but have already broken out ahead of BTC. Remember I said that I don’t like to trade these unless they time with BTC, so these are now “off” my radar but this is why we scan and look for several setups.

ACH. Had a nice support level and head and shoulders pattern that broke lower and is retesting.

BAKE is another that was on my list but has also broken lower already