Price action in cryptocurrency market: Range strategy

One of the technical analysis methods used in cryptocurrency markets is price action. The aim of this study is to measure the effectiveness of the range strategy, which is one of the price action concepts. In this study, the Order Block (OB), Breaker Block (BB), Imbalance (IMB), and Optimum Trade Entry (OTE) strategies were applied to Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB). The analysis was conducted using data obtained from three different time frames (High Time Frame-HTF, Low Time Frame-LTF, Micro Low Time Frame-MLTF) via the Tradingview platform. In the study, comparative statistical analysis methods such as One-Way ANOVA and Chi-square test were performed using STATA, while the descriptive analysis method was performed using Excel. According to the analysis results, the relationships between the strategies and the cryptocurrencies and transaction directions were identified. Additionally, the success rate of transactions, the time/profit score, transaction duration, and the Risk/Reward (R/R) ratios were determined. Based on the findings obtained from the results of the range strategies and related entry strategies for BTC, ETH, and BNB cryptocurrencies in the HTF, LTF, and MLTF time frames, the OTE strategy was determined to have the highest success rate at 28.57%. This was followed by the IMB strategy at 24.80%, the OB strategy at 23.72%, and the BB strategy at 22.91%.