BTC - Prepare for Takeoff OR Brace for Impact!

27 ก.ค. 2022

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

Bitcoin broke above our gray range and it is currently in a correction phase in the shape of a flag.

We are currently approaching the 20k support so we will be looking for buy setups from a short-term perspective by breaking above the upper blue trendline.

However, for extra confirmation, for the bulls to take over, we need a break above the entire structure again (above the orange zone). In this case a movement till the 28k-30k resistance would be expected.

Unless we break below the 18k, in this case "Brace for Impact" as a movement till the 10k-12k demand zone would be expected.

Which scenario do you think is more likely to happen? and Why?

Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich