BTC - Bulls Still In Control!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
