I’d like to share a very simple BTCUSD chart with ranges, price and volume only. Hopefully, it will give you some insight into how important ranges can be. And to encourage the new and experienced trader/investor to create their own charts without 5-8 different indicators all comfortably set to mewn!! 😀
The 1 Week chart below has Candlesticks, Volume, and Volume-Profile – that’s all. I’ve marked 4 areas where the BTCUSD price has been, marked in green, orange and yellow boxes. I’ve also added a few paragraphs describing some possible paths forward and how price might react in each zone.
It’s possible you’re thinking that the ranges are a super wide. And can I be serious that I’m considering prices down to $450? The width of the boxes is showing there’s reason to be patient! I’m trying to show the space over which the market has been and can expand and contract when given enough time. Knowing that the price moves up and down gives you the ability to seek more opportunities. And no, I don’t think prices will reach $450… but you never know, anything’s possible.
Whether you trade intra-day or you’re just hoping to pick up some coins at a good price and sell them for more in the future. It’s patience and risk-management that will win in the end. The one thing I cannot recommend enough is do your own research, so you can make your own decisions. Create your own journals and review your trades. Something like the chart above. Figure out what you can see. Work through your idea. Figure out the risk and see if it’s worth the reward. Work out your plan and see it through. Don’t fomo all-in because the price moved 20 bucks. And, don’t follow others blindly.
Find more charts and analysis here.
