Many of you asked me to analyze BTC "log" monthly chart, so here we go :D
From a long-term perspective, BTC is overall bullish trading inside our two (green and blue) channels.
We are in a correction phase, but the question is, till when / where?
📌 We have got two main key rejection zones:
1- Blue Team
* Blue Trendline acting as a non-horizontal support
** Blue 50 Moving Average
2- Green Team
* Green Trendline acting as a non-horizontal support
** Green horizontal support
📌 I also highlighted two more confluences that might help us feel the chart even more:
1- Previous corrections lining up with the Green Team
2- Fast MACD, that would show us the shift in momentum as it happens like the previous correction / orange arc.
Of course, we will need to zoom in to lower timeframes and wait for the bulls to take over by breaking above the last Weekly/Daily major high.
Which scenario do you think is more probable and why?
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
From a long-term perspective, BTC is overall bullish trading inside our two (green and blue) channels.
We are in a correction phase, but the question is, till when / where?
📌 We have got two main key rejection zones:
1- Blue Team
* Blue Trendline acting as a non-horizontal support
** Blue 50 Moving Average
2- Green Team
* Green Trendline acting as a non-horizontal support
** Green horizontal support
📌 I also highlighted two more confluences that might help us feel the chart even more:
1- Previous corrections lining up with the Green Team
2- Fast MACD, that would show us the shift in momentum as it happens like the previous correction / orange arc.
- Will the Blue Team be strong enough to push BTC from here?
Or will BTC defeat the Blue Team to finally find rejection around the Green Team?
Of course, we will need to zoom in to lower timeframes and wait for the bulls to take over by breaking above the last Weekly/Daily major high.
Which scenario do you think is more probable and why?
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
Trade Made Simple
RichTL.com
Instagram:
instagram.com/richthesignalyst
Telegram
t.me/thesignalyst
Best CFD broker - Tickmill
cutt.ly/TickmillReal
CFD Broker - TradeNation
cutt.ly/GrTivmRC
RichTL.com
Instagram:
instagram.com/richthesignalyst
Telegram
t.me/thesignalyst
Best CFD broker - Tickmill
cutt.ly/TickmillReal
CFD Broker - TradeNation
cutt.ly/GrTivmRC
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Trade Made Simple
RichTL.com
Instagram:
instagram.com/richthesignalyst
Telegram
t.me/thesignalyst
Best CFD broker - Tickmill
cutt.ly/TickmillReal
CFD Broker - TradeNation
cutt.ly/GrTivmRC
RichTL.com
Instagram:
instagram.com/richthesignalyst
Telegram
t.me/thesignalyst
Best CFD broker - Tickmill
cutt.ly/TickmillReal
CFD Broker - TradeNation
cutt.ly/GrTivmRC
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.