₿TC - Getting Over-Bought ?❗️

1 Apr 2023

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