BITCOIN - Long-Term Log View!

11 Nov 2022

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 up with the green trendline and support zone (10k - 12k).

📌2- At the end of every previous correction, MACD shifted from dark red to light red.

To be precise, after 3 consecutive higher lows of the light red MACD bars, we tend to have the reversal, confirmed by a break above the EMA.

If we follow the same logic for this correction, we are still waiting for a third higher 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