BTC - All Eyes On 32,000 đź‘€
Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
After breaking above 25,000, BTC has been bullish for the past couple of weeks. However, it is currently approaching a strong rejection zone.
Here is why the 30k - 32k is a strong rejection:
1- Classic Support Zone Turned Resistance from Weekly timeframe
2- Supply zone marked on the chart
3- Intersecting with the upper red trendline acting as a non-horizontal resistance
📉 For the bulls to take over from a long-term perspective, we need a weekly break above 32,000
Meanwhile, the 32,000 is acting as a resistance, and the bears can still kick in for a correction. I will monitoring the price action on H4 for extra confirmation.
Which scenario do you think is more likely to happen first? and why?
đź“š Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
After breaking above 25,000, BTC has been bullish for the past couple of weeks. However, it is currently approaching a strong rejection zone.
Here is why the 30k - 32k is a strong rejection:
1- Classic Support Zone Turned Resistance from Weekly timeframe
2- Supply zone marked on the chart
3- Intersecting with the upper red trendline acting as a non-horizontal resistance
📉 For the bulls to take over from a long-term perspective, we need a weekly break above 32,000
Meanwhile, the 32,000 is acting as a resistance, and the bears can still kick in for a correction. I will monitoring the price action on H4 for extra confirmation.
Which scenario do you think is more likely to happen first? and why?
đź“š 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
Best Crypto Exchange
coincall.com/r/thesignalyst
RichTL.com
instagram.com/richthesignalyst
Telegram
t.me/thesignalyst
Best CFD broker
cutt.ly/TickmillReal
Best Crypto Exchange
coincall.com/r/thesignalyst
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.