BTC - Hold Your Breath; for one last dive! ETH chart inside
Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.
As per my last picture idea, we know that BTC is still overall bullish from a medium-term perspective trading inside the bullish channel in red.
However, as time passes by, we are approaching the upper rejection zone that I have been mentioning for months now.
The more we approach the 28k, the closer the rejection would get. That's why I thought that it is a good time to share this idea now as a reminder.
This rejection zone is the intersection of the 28k-30k resistance, supply zone, and upper trendline in brown.
Around this rejection zone, we will be expecting the next bearish impulse to start to form a new swing high around the brown trendline before breaking it upward. Then and only then we can say that the bull run is about to start.
I called it a bearish "impulse" because we are overall bearish trading inside the big brown channel. However, this time I am expecting a shorter impulse compared to the previous two.
But of course, for the bearish impulse to start, we need the bears to take over by breaking below the red channel. Meanwhile we are in a bullish correction.
We can see a similar chart on ETH:
Which scenario do you think is more likely to happen? and Why?
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 picture idea, we know that BTC is still overall bullish from a medium-term perspective trading inside the bullish channel in red.
However, as time passes by, we are approaching the upper rejection zone that I have been mentioning for months now.
The more we approach the 28k, the closer the rejection would get. That's why I thought that it is a good time to share this idea now as a reminder.
This rejection zone is the intersection of the 28k-30k resistance, supply zone, and upper trendline in brown.
Around this rejection zone, we will be expecting the next bearish impulse to start to form a new swing high around the brown trendline before breaking it upward. Then and only then we can say that the bull run is about to start.
I called it a bearish "impulse" because we are overall bearish trading inside the big brown channel. However, this time I am expecting a shorter impulse compared to the previous two.
But of course, for the bearish impulse to start, we need the bears to take over by breaking below the red channel. Meanwhile we are in a bullish correction.
We can see a similar chart on ETH:
Which scenario do you think is more likely to happen? and Why?
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
Trading Made Simple; and Rule-Based
RichTL.com
Instagram:
instagram.com/richthesignalyst
Telegram:
t.me/thesignalyst
Best CFD broker
cutt.ly/TickmillReal
RichTL.com
Instagram:
instagram.com/richthesignalyst
Telegram:
t.me/thesignalyst
Best CFD broker
cutt.ly/TickmillReal
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.