BTC - Bulls Still In Control!
Updated
Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
BTC has been slightly bullish trading inside the red rising broadening wedge pattern.
BTC is currently around a minor resistance zone in gray 17,000
For the bulls to take over / remain in control, we need a break above the 17,000. In this case, a movement till the 17,500 blue supply zone would be expected.
Meanwhile, BTC can reject the 17,000 if we break the last low on H1. In this case, a movement till the lower red trendline would be expected but we will remain bullish.
For the bears to take over, and invalidate the trend-following bullish setup, we need a break below the orange support. In this case, further bearish movement till 16,200 or even lower would be expected.
Which scenario do you think is more probable and why?
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 slightly bullish trading inside the red rising broadening wedge pattern.
BTC is currently around a minor resistance zone in gray 17,000
For the bulls to take over / remain in control, we need a break above the 17,000. In this case, a movement till the 17,500 blue supply zone would be expected.
Meanwhile, BTC can reject the 17,000 if we break the last low on H1. In this case, a movement till the lower red trendline would be expected but we will remain bullish.
For the bears to take over, and invalidate the trend-following bullish setup, we need a break below the orange support. In this case, further bearish movement till 16,200 or even lower would be expected.
Which scenario do you think is more probable and why?
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
Trade closed: target reached
The bulls took over and we are currently sitting around the upper red trendline.
For the bears to reject the blue supply zone and take over, we need a break below the green channel and last low.
Meanwhile, BTC is still bullish and can trade higher inside the supply.
For the bulls to remain in control, we need a break above it. In this case, a movement till the 18000 zone would be expected.
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RichTL.com
Instagram:
instagram.com/richthesignalyst
Telegram:
t.me/thesignalyst
Best CFD broker
cutt.ly/TickmillReal
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