₿TC - Getting Over-Bought ?❗️
Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
📈 BTC is currently overall bullish trading inside the red rising broadening wedge pattern.
📌 Here is why the 30,000 - 32,000 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
📉 Hence, as BTC approaches the 30k - 32k zone, we will be expecting the bears to take over for a medium-term correction.
📌 For the bulls to take over from a MACRO perspective, we need a weekly candle close above 32,000
📚 Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
📈 BTC is currently overall bullish trading inside the red rising broadening wedge pattern.
📌 Here is why the 30,000 - 32,000 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
📉 Hence, as BTC approaches the 30k - 32k zone, we will be expecting the bears to take over for a medium-term correction.
📌 For the bulls to take over from a MACRO perspective, we need a weekly candle close above 32,000
📚 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.