$BTC Update | June 24, 24
Binance BTCUSDT Analysis.
Key takeways:
A painful lesson that I also need to remind myself of. Originally, the BTC strategy involving following the appropriately set value areas or profiling, while it may have seemed boring, especially in a sideways market, has just proven that deviating from its principles can end badly.
No, I'm not saying that looking for counter-trend plays is pointless, but the rule that should guide traders on any instrument is that strategies should be diversified between trend following and counter-trend. Personally, I made a mistake by closing my short positions due to a "counter-trend signal." This was a mistake because strategies should operate in parallel (quality strats). As a result, I ended up with a profit from the short and a loss from the long, and overall, I came out with a slight loss from the entire operation, but it should have been much better.
When the market is moving sideways, it's easy to fall into the illusion that certain counts like the fifth wave, third consolidation, second peak, etc., have some magical significance. No, they don't.
Anyway, we now have the fifth consecutive bearish value and a new key resistance level ;)
Swing/Midterm Trend: Bearish
Market Condition: Oversold (5 consecutive bearish values).
Key Resistance zone: 64600-65100
Notes/Observations/Issues:
Value analysis is divided on three parts which make three separate strategies.
Trend - midterm timeframe, following values as they build.
Market Condition - analysing value from overbought/oversold pov. Countertrend trades. Can be used to reduce Trend positions.
Key Resistance/Support - can be utilized in high leverage short-term trades, but also as good “add to Trend” locations.
Pre-Open Commentary distills key takeaways from the analysis of the London GEX and Structure posts and also serves as my personal journal (sort of).