BTCUSD: Rangebound Rules Still Apply
The entire price action year to date has been sideways. There have been attempts to break out of this range but nothing sustained. Longs and shorts can be entered with confidence when price touches either extreme of the range. The successively higher lows suggest that this pattern will eventually break out, but since the rising trendline is very gradual, I'd posit that we've still got some weeks of rangebound trading ahead of us before a wedge breakout.
A market that trades in a clearly defined range is the easiest way in the world to make money. It simply requires a little patience. Don't chase momentum. Be greedy with your entries and wait for best trade location at the extremes of the range. Currently we are trading in the middle of the range today, and therefore my bias is neutral as we could go either direction. When price action reaches either extreme of the range the probability is strongly in your favor for price to return to the center of the range. Enter at the extreme and take profit in the center.
Stay safe out there everyone. Happy trading!
A market that trades in a clearly defined range is the easiest way in the world to make money. It simply requires a little patience. Don't chase momentum. Be greedy with your entries and wait for best trade location at the extremes of the range. Currently we are trading in the middle of the range today, and therefore my bias is neutral as we could go either direction. When price action reaches either extreme of the range the probability is strongly in your favor for price to return to the center of the range. Enter at the extreme and take profit in the center.
Stay safe out there everyone. Happy trading!
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