BTC hitting the ceiling / Stop searching?
The BTC candle today was the largest green candle on the 1h and 4h since Mid-Jan when we were up in 11k territory, the volume was also insane, with the largest 1h volume on combined exchanged i could find.
a strong candle up with good volume is exactly the sort of sign we need to signal a definite move into higher territory.
So all looking good for BTC for a while?....
....Well, not exactly.
The bounce off Horiz S/R line at 8k which was resistance in late March is not surprising given the size of the pump leading to it but seeing the subsequent bounce off the bottom of the 7.7k line which was the Support line back in March indicates to me this bounce will likely fade back down to find support somewhere. I've strong hopes for support off the recent highwatermark at 7.5k or an earlier S/R around 7.3K and a day of consolidation there.
If I see that I'll be long off that line again
Market Makers out to get you? not likely
Never attribute to malice that which is adequately explained by stupidity
Watch yourself out there in this choppy directionless market,
This morning my BTC long got stopped out just before a leg up
this is the third time in a row I've hit stops 1 or 2 hours before a pump (rectangles on the chart showing entry, target and latest stops), .
It's easy to feel that the Market makers are stop-searching just to screw you before the leg up but it 'aint necessarily so:
as the price chops about in a narrow band people often bring the stops in tight to lock in profit or avoid losses esp when the trade has been running awhile
if the price dips then the liquidations (which are market buys) generate initial volume which can trigger the runup
so keep your stops wide enough and keep the leverage low and always trade only with what you can afford to lose
a strong candle up with good volume is exactly the sort of sign we need to signal a definite move into higher territory.
So all looking good for BTC for a while?....
....Well, not exactly.
The bounce off Horiz S/R line at 8k which was resistance in late March is not surprising given the size of the pump leading to it but seeing the subsequent bounce off the bottom of the 7.7k line which was the Support line back in March indicates to me this bounce will likely fade back down to find support somewhere. I've strong hopes for support off the recent highwatermark at 7.5k or an earlier S/R around 7.3K and a day of consolidation there.
If I see that I'll be long off that line again
Market Makers out to get you? not likely
Never attribute to malice that which is adequately explained by stupidity
Watch yourself out there in this choppy directionless market,
This morning my BTC long got stopped out just before a leg up
this is the third time in a row I've hit stops 1 or 2 hours before a pump (rectangles on the chart showing entry, target and latest stops), .
It's easy to feel that the Market makers are stop-searching just to screw you before the leg up but it 'aint necessarily so:
as the price chops about in a narrow band people often bring the stops in tight to lock in profit or avoid losses esp when the trade has been running awhile
if the price dips then the liquidations (which are market buys) generate initial volume which can trigger the runup
so keep your stops wide enough and keep the leverage low and always trade only with what you can afford to lose
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