Bitcoin Trading Zone Range on the Daily Chart
A lot of questions whether Bitcoin is going to go up or down, by making a trading zone on BTCUSD, finding the support and resistance levels, should give us a good idea if when BTC hits to a certain price if it'll shoot up or down, so I did that, pretty standard, if the price of Bitcoin goes below our support level (first blue line price labeled as 33047.89) we should see a huge wick down that will smash all of our take profits. Same goes for our resistance level (first orange line price labeled as 38127.67) we should see a huge wick up that will smash all of our take profits.)
But as always, my rules are Buy at support and sell at resistance, so while Bitcoin is stuck in our range we can trade in-between it. If any candles touch our resistance line (our orange line) we would immediately get into a sell as it would be hard for BTC to break through resistance level, BUT if the time does come when it will break, you would take the loss on the sell (30-50 pips) and reverse the trade and get straight into a buy and ride the trade to our TP's.
Same goes for if any candles touch our support line (our blue line) we would immediately get into a buy as it would be hard for BTC to break through the support level, BUT if the time does come when it will break, you would take the loss on the buy (30-50 pips) and reverse the trade and get straight into a sell and ride the trade to our TP's.
But as always, my rules are Buy at support and sell at resistance, so while Bitcoin is stuck in our range we can trade in-between it. If any candles touch our resistance line (our orange line) we would immediately get into a sell as it would be hard for BTC to break through resistance level, BUT if the time does come when it will break, you would take the loss on the sell (30-50 pips) and reverse the trade and get straight into a buy and ride the trade to our TP's.
Same goes for if any candles touch our support line (our blue line) we would immediately get into a buy as it would be hard for BTC to break through the support level, BUT if the time does come when it will break, you would take the loss on the buy (30-50 pips) and reverse the trade and get straight into a sell and ride the trade to our TP's.
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