Our trading team has been working on an extremely comprehensive guide to understanding the past, current and future markets. We need some more time to be able to produce this into some easy to digest, educational blogs and videos.
We’re sure you’re all anxious for an update on the crypto market since the Bitcoin breakout failure at $48,000 so here is a snippet of some of the key information.
NOTE: This is lacking some context so we appreciate it may not make complete sense to you all right now, forgive us for that, we preferred to get you something imperfect now, rather than have you wait.
How to play current conditions: Hop on and hop off like a tourist
Bitcoin is still in a range ($34,000-$48,000)
We can get frustrating price action along the lines of 1-2 weeks of up moves, and 2-3 weeks of down moves. Be prepared to trade during bullish weeks, and stay out during bearish weeks.
You can still take positions during bearish weeks if certain assets counter trend strongly. But expect to make lots of money in a bullish week and maybe some money during bearish weeks.
We will bleed sometimes when there is the need to ‘close early’. If you can’t handle that, then simply wait for the bullish weeks to arrive and sit the rest out.
Read this blog on how to be a long term profitable crypto trader for more info.
Simple ways to understand if we are in a bullish or bearish mini cycle
Take the assumption that the coins will roughly follow each other. Use the Bitcoin range as your weather gauge.
Are we topping out at upper range or failing to breakout? – Expect down moves next.
Are we hitting support in lower range but holding? Expect up moves next.
Is it that simple? Somehow, yes.
For example in this youtube video > covering the recent [failed] Bitcoin Range Breakout, around 3mins in Matthew explains that we are facing resistance at $48,000 and goes on to explain the type of price action that will signal a failure and time to exit the markets.
That price action played out exactly and was the signal to get out (if anyone ignored our ‘close early’ alerts) and to avoid trading signals until low range was found (or at least expect poorer results if you did trade).
Sentiment is something else to keep an eye on. Is the news hot? Are ‘InFlUeNcErS’ and Elon types hyping stuff up or is it back to FUD?
Of course we will also try to keep you informed with our views too!
The charts don’t really lie though, you just need to understand the key levels and price action.
Now let's talk about what are the best strategies to play
We have revamped several strategies to play current market conditions. Some of the recommended strategies are:
Just a word of caution, the targeted gains are indicative and will change based on different instruments and their price action.
How to know which strategy to play and which one to avoid?
Keep it simple. If you are a busy professional, try to play those signals with minimum Target 1 of 10-15% and above so that your Risk:Reward base is generally solid. If you are a full time trader you can also include the scalping strategies with 3-5% T1 also..
Possible Bitcoin Bottom(s)
We will cover this in great detail in another piece of content. For now be aware that SuperTrend is an indicator that simply shows key support zones based on previous price action. We have tuned it to some very specific levels based on historical data.
As you can see 48k acted as strong resistance. For any attempt on the topside, we need a clear break above that. On the downside $34,000 area is giving support but it will eventually break if price can’t break above $48,000
If the price indeed breaks down, we are looking at $28,000 & $20,000 for a true bear market cycle bottom.
Is the crypto market going to die?
No. It’s a cash cow for those who are moving these markets, they will never allow this market to die.
This is all you need to do > learn to navigate these ‘Hop on and Hop off’ periods so you are in good shape to play bigger trends as the whole market decides to explode again.
Remember one thing, stay in the game for long enough. Go through all types of market cycles in order to prepare yourself for the big days. Learn the best times to go big and understand the bad times for when to stay out. This comes with experience.
And last but not the least, don’t leave the game at all if you want to make it big. Stay around and learn how to profit irrespective of market conditions.
Remember one positive announcement from a big hedge fund declaring they’re accumulating a big Bitcoin position would change the sentiment overnight. Fireworks are always around the corner in the Crypto markets and we’ve shown you how crypto themes and trends are used to create huge price moves regardless of the overall market.
In the meantime, keep playing a matured game, keep adapting, keep learning techniques.
If you need a cheat code – simply be a ProfitFarmer for life and reap all the benefits of being in the know.
ProfitFarmers is Now 100% Free - Free Crypto Signals, Copy-Trade, Auto-Trade, & Pro Automations
ProfitFarmers, an all-in-one crypto trading platform that lets anyone trade like a pro, is now 100% free to use.
You don’t need years of experience, a huge bankroll, or endless free time to master trading anymore – just copy our signals, choose your automations, and let our platform handle the hard work.
Open an account, connect your Binance.com, and start trading – you can get started immediately for $0.
Your free account includes:
- 78% win-rate completed signals
- Auto-trading
- Automatic laddered entry
- Trade Guardian (automatically exit “close early” trades)
- Trading education
- Market research tools like our Price Action Scanner
Our win rate in 2021 was a staggering 78% on completed signals. That’s insane if you think about it. One of our signals generated 1500+% peak gains – just one signal.
This is the biggest money making opportunity of our lifetimes – don’t let it pass you by. With ProfitFarmers, it’s never been easier. You don’t need to be a pro – in fact, many of our members got started with little to no experience and learned from us for free.
