BITCOIN - Long-Term Log View!Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.
From a long-term perspective, BTC is overall bullish trading inside our green channel.
Moreover, the green zone (10k - 12k) is a resistance turned support.
We are in a correction phase, but the question is, till when / where?
Let's compare this correction to the previous two corrections:
📌 1- The previous correction were around -86%
-86% for the current correction would be lining us with the green trendline and support zone.
📌 2- At the end of every previous correction, MACD shifted from dark red to light red. and then of course broke above the blue EMA.
If we follow the same logic for this correction, we are still waiting for a new light red bar on MACD. Will it be next month?
Meanwhile, we would be bearish and our main rejection would be around the green support zone.
And of course, before we buy, 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.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
