Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
As per my last analysis, we know that BTC broke above the big inverse head and shoulders neckline.
π Thus, the momentum has been shifted from bearish to bullish.
BTC is currently bullish trading inside the red rising broadening wedge pattern.
π Here is why the 30,000 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
π Hence, as BTC approaches the 30k - 32k zone, we will be expecting the bears to take over for a medium-term correction.
π For the bulls to take over from a MACRO perspective, we need a weekly candle close above 32,000
π Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
As per my last analysis, we know that BTC broke above the big inverse head and shoulders neckline.
π Thus, the momentum has been shifted from bearish to bullish.
BTC is currently bullish trading inside the red rising broadening wedge pattern.
π Here is why the 30,000 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
π Hence, as BTC approaches the 30k - 32k zone, we will be expecting the bears to take over for a medium-term correction.
π For the bulls to take over from a MACRO perspective, we need a weekly candle close above 32,000
π Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
This analysis is done using RichTL
www.RichTL.com
My Telegram Channel
www.t.me/thesignalyst
Best CFD broker
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www.RichTL.com
My Telegram Channel
www.t.me/thesignalyst
Best CFD broker
cutt.ly/TickmillReal