Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
📌on Daily: Left Chart BTC is currently bullish trading inside the red rising broadening wedge pattern.
Here is why the 30k - 32k is a strong rejection: 1- Round number => 30,000 2- Classic Support Zone Turned Resistance from Weekly timeframe 3- Supply zone marked on the chart 4- Intersecting with the upper red trendline acting as a non-horizontal resistance
📉 Hence, as BTC approaches the 30k - 32k zone, we will be expecting the bears to take over for a medium-term correction.
📌on H4: Right Chart For now, we will remain bullish as long as BTC doesn't break a previous major low.
We are bullish from a medium-term perspective trading inside the flat channel in green, so as we approach the lower green trendline we will be looking for short-term bullish setups.
The current last major low is highlighted in gray around 26,700
📉 If we break below 26,700 expect a bearish correction to start till around 25,000 support / demand.
Which scenario do you think is more likely to happen first? and why?
📚 Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly! ~Rich
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