Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
BTC has been overall bullish from a long-term perspective trading inside the rising channel in black.
BTC is currently in a correction phase as we had a break below the last major low in gray.
📉 If we compare the current gray low to the previous one, we know that the correction might only last for a couple of candles before the bulls take over again to start the next impulse movement.
🏹The bulls would take over from a short-term perspective by breaking back above the gray low, and then remain in control for a bigger bullish movement after breaking the last major high marked in blue.
For now, we wait ⏱
📚 Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly! ~Rich
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Below I have added two more reasons why the 25,000 is a strong rejection.
1- Demand Zone in green 2- Lower Trendline in orange which I consider an OverSold zone
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BTC is currently rejecting the upper orange trendline.
For the bulls to take over, we need a break above the upper orange trendline and red zone.
Meanwhile, BTC would be bearish and as it approaches the purple circle zone we will be looking for buy setups on lower timeframes.
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Here is a more detailed view from H4:
📉 As we approach the green demand zone around 25,000 we will be looking for short-term buy setups.
📈 On the other hand, for the bulls to take over medium-term, we need a break above the last major high in red around 28,500
For now, we wait ⏱
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As per my last update above, BTC rejected the purple circle and traded higher.
Now What?
For the bulls to take over medium-term, we need a break above the last major high in red around 28,500
Meanwhile, we will be stuck inside this range between the upper orange trendline and green demand zone. So we will be trading the range.