I like to draw important price action levels on charts to look for reactions. These include:
Keep in mind that I'm more concerned with the area than the specific price. I tend to wait to see a reaction before trading a level. I put more value on yearly and monthly over weekly and more value on fibs over weekly levels. Recent price action has more value if we get a reaction. This may or may not apply to you depending on your style.
You may find this useful even if you don't trade price action as it can still be a good area to take long term trades.
Good luck everyone!
- Yearly Open
Monthly Open
Weekly Open
Weekly High Low Confluence
Major Fibonacci Retracements
BTC CME Gaps (use BTC1! daily chart)
Support Resistance zones
Keep in mind that I'm more concerned with the area than the specific price. I tend to wait to see a reaction before trading a level. I put more value on yearly and monthly over weekly and more value on fibs over weekly levels. Recent price action has more value if we get a reaction. This may or may not apply to you depending on your style.
You may find this useful even if you don't trade price action as it can still be a good area to take long term trades.
Good luck everyone!
Are these levels important? You can see we constantly tested various levels during the consolidation. Now we drop into a new price range and look where we get a reaction. Keep in mind that I drew these 2 key levels ($8200 and $8750) about 3-4 months ago.