BTC - Why 30,000 Is A Strong Rejection ⁉️

22 Mar 2023

Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.

As per my last analysis, we know that BTC broke above the big inverse head and shoulders neckline.

📈 Thus, the momentum has been shifted from bearish to bullish.

BTC is currently bullish trading inside the red rising broadening wedge pattern.

📌 Here is why the 30,000 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