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
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.