BTC - Accumulation Phase In Progress! 📊

Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.

BTC is still stuck inside a big range / Accumulation in the shape of a potential inverse head and shoulders.

🏹 For the head and shoulders pattern to be completed, we need one more bearish movement till around 18,000 to form the right shoulders.

Then, for the pattern to get activated, hence enter in the Markup phase, we need a break above the blue neckline.

📌 Meanwhile, for the bears to take over and start forming the right shoulder, we need a break below the last major low in gray (21,000)

In this case, as we approach the 18,000 demand zone, we will be looking for short-term buy setups on lower timeframes.

Which scenario do you think is more likely to happen? and why?

📚 Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich

TheSignalyst

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TheSignalyst