BTC - Market Structure 101
Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.
BTC has been overall bearish for a while making lower highs and lower lows. and as mentioned in my previous videos, we knew that the bears were exhausted as the impulse movements were getting smaller in size.
Last week, the bulls took over by breaking above the last major high market in red.
So now the momentum is shifted from bearish to bullish. Of course this is just from a short-term perspective. As BTC is still overall bearish from a long-term perspective.
As per market structure 101, we are now expecting a correction and then we will be looking for buy setups on lower timeframes as a trend-following setup.
Our closest rejection, where the bulls might kick in, would be around the previous major high (red zone)
As BTC approaches this zone I will be looking of any bullish reversal setups on lower timeframes (like double bottom, trendline and so on...)
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
BTC has been overall bearish for a while making lower highs and lower lows. and as mentioned in my previous videos, we knew that the bears were exhausted as the impulse movements were getting smaller in size.
Last week, the bulls took over by breaking above the last major high market in red.
So now the momentum is shifted from bearish to bullish. Of course this is just from a short-term perspective. As BTC is still overall bearish from a long-term perspective.
As per market structure 101, we are now expecting a correction and then we will be looking for buy setups on lower timeframes as a trend-following setup.
Our closest rejection, where the bulls might kick in, would be around the previous major high (red zone)
As BTC approaches this zone I will be looking of any bullish reversal setups on lower timeframes (like double bottom, trendline and so on...)
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
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instagram.com/richthesignalyst
Telegram
t.me/thesignalyst
Best CFD broker
cutt.ly/TickmillReal
Best Crypto Exchange
coincall.com/r/thesignalyst
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