BTC - Follow The Trend ↗️

6 Apr 2023

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.

Here is why the 30k - 32k 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.

📌on H4: Right Chart
For now, we will remain bullish as long as BTC doesn't break a previous major low.

We are bullish from a medium-term perspective trading inside the flat channel in green, so as we approach the lower green trendline we will be looking for short-term bullish setups.

The current last major low is highlighted in gray around 26,700

📉 If we break below 26,700 expect a bearish correction to start till around 25,000 support / demand.

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