Anytime you have a very clear level on the chart where price keeps getting rejected, and then you see a breakout of the highs but price fails to hold above it. Be bearish until price gets back above those highs or breaks the high that was made during that breakout/deviation.
This is one of the easiest setups among all the setups I trade. This will work most of the time when the market is bearish.
My Plan on $BTC remains the same i shared when the week was started. Looking for buys once price will reclaim the range highs or around the range lows. Nothing in-between.
Weak Market Vs Capitulation Within the Weak Market
Weak Market: When Price continuously makes lower lows. It provides small bounces in between just to make another low you can call it a weak market. It's the kind of market where traders give back their gains.
This is the kind of market condition that you can always avoid because it doesn't have volume and moves are mostly weak. (Shorts squeeze driven).
Capitulation Within the weak market: This is the best part of a weak market that you can use as an opportunity. This is where most traders get liquidated on their trades, Their Stop-losses gets triggered. Or they give up on their positions because the market was just slowly bleeding down and not moving. it's very likely that a capitulation event will provide you a relief bounce up and sometimes it's the Bottom.
This is what i personally do, When the market is weak and there is no volume. I simply sit on the sides and watch the market doing its thing.
Remember the best trading strategy is knowing when it's the right time to trade and when it's not to.
My Plan on $BTC remains the same i shared when the week was started. Looking for buys once price will reclaim the range highs or around the range lows. Nothing in-between.
I don't want to say it, but Profitable trading is boring trading. Some of you may know it. It's doing repetitive and boring work, every single day. Showing up every day, analyzing the same charts, applying the same principles.
The most boring part,Marking out the key levels and then waiting for the execution.
So, if your trading doesn't feel boring and you are still looking for excitement or you are feeling depressed when you lose - you still have lots of work to do!
For the past few weeks, since the war started, I’ve been saying the same thing: “The market is headline-driven.” And that hasn’t changed. Anyway, let’s jump straight into the charts. BTCUSD (Weekly)
Last week, we discussed that Bitcoin gave a strong weekly close above $71,300, and as long as price held that level, we could expect a move toward $77K–$78K. Price went up to $76K falling just $1,000 short of our target. I don’t want to call it a win since it didn’t fully hit the target lol. Anyway, what’s next?
I want to keep this update short because there’s not much to update. The weekly chart closed back inside the range. As long as price doesn’t reclaim $71,300, the chart doesn’t look good. Bears remain in control, and price can even move back toward the range lows. BTCUSD (Daily)
The daily chart is still holding higher lows as long as it stays above $65K, so bulls still have some hope. Personally, if I want to buy Bitcoin, I’d wait for price to either reclaim $71,300 or drop back to the range lows. I’m not going to trade in between because nothing is clear. Bitcoin Range
Bitcoin has been trading within a range since it marked the low around $60K. We’ve seen multiple taps and fake-outs at the range highs, while the range low has only been tested once. If price fails to reclaim $71,300, I wouldn’t be surprised to see a move back toward the range lows and that’s where I’ll be looking for buy setups. So the plan is simple: Buys above $71,300 or at the range lows.