Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
📌on Daily: Left Chart BTC is currently bullish trading inside the red rising broadening wedge pattern. However, it is now sitting inside a strong weekly rejection zone.
Here is why the 30k - 32k is a strong rejection: 1- Round number => 30,000 2- Classic Support Zone Turned Resistance 3- Weekly Supply zone 4- 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 as mentioned in my previous post (attached below)
📌on H1: Right Chart For now, as long as we are inside the 30k - 32k zone, the bears can take over for a correction.
For the bears to take control, we need a break below the last minor low in gray which would be the neckline of a head and shoulders in the making.
📉 In this case, a movement till one of our two demand zones would be expected (highlighted on the chart)
Which scenario do you think is more likely to happen first? and why?
📚 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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