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. However, it is approaching a strong rejection zone.
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
📉 For the bulls to take over from a long-term perspective, we need a weekly break above 32,000
📌on H1: Right Chart
For now, as long as we are inside the 30k - 32k zone, the bears can take over for a correction.
For the bears to take control, we need a break below the last minor low in gray.
📉 In this case, a movement till one of our two demand zones would be expected (highlighted on the chart)
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
📌on Daily: Left Chart
BTC is currently bullish trading inside the red rising broadening wedge pattern. However, it is approaching a strong rejection zone.
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
📉 For the bulls to take over from a long-term perspective, we need a weekly break above 32,000
📌on H1: Right Chart
For now, as long as we are inside the 30k - 32k zone, the bears can take over for a correction.
For the bears to take control, we need a break below the last minor low in gray.
📉 In this case, a movement till one of our two demand zones would be expected (highlighted on the chart)
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
📊I help you turn charts into a career
theSignalyst.com
Telegram
t.me/thesignalyst
Trusted Crypto Exchange
cutt.ly/qtwKuPaJ
Trusted CFD Broker
cutt.ly/TickmillReal
Trusted Crypto Prop Firm
cutt.ly/Hyrotrader
theSignalyst.com
Telegram
t.me/thesignalyst
Trusted Crypto Exchange
cutt.ly/qtwKuPaJ
Trusted CFD Broker
cutt.ly/TickmillReal
Trusted Crypto Prop Firm
cutt.ly/Hyrotrader
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.
📊I help you turn charts into a career
theSignalyst.com
Telegram
t.me/thesignalyst
Trusted Crypto Exchange
cutt.ly/qtwKuPaJ
Trusted CFD Broker
cutt.ly/TickmillReal
Trusted Crypto Prop Firm
cutt.ly/Hyrotrader
theSignalyst.com
Telegram
t.me/thesignalyst
Trusted Crypto Exchange
cutt.ly/qtwKuPaJ
Trusted CFD Broker
cutt.ly/TickmillReal
Trusted Crypto Prop Firm
cutt.ly/Hyrotrader
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.