Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
After breaking above 25,000, BTC has been bullish for the past couple of weeks. However, it is currently approaching a strong rejection zone.
Here is why the 30k - 32k is a strong rejection:
1- Classic Support Zone Turned Resistance from Weekly timeframe
2- Supply zone marked on the chart
3- Intersecting with the upper red trendline acting as a non-horizontal resistance
ð For the bulls to take over from a long-term perspective, we need a weekly break above 32,000
Meanwhile, the 32,000 is acting as a resistance, and the bears can still kick in for a correction. I will monitoring the price action on H4 for extra confirmation.
Which scenario do you think is more likely to happen first? and why?
ð Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
After breaking above 25,000, BTC has been bullish for the past couple of weeks. However, it is currently approaching a strong rejection zone.
Here is why the 30k - 32k is a strong rejection:
1- Classic Support Zone Turned Resistance from Weekly timeframe
2- Supply zone marked on the chart
3- Intersecting with the upper red trendline acting as a non-horizontal resistance
ð For the bulls to take over from a long-term perspective, we need a weekly break above 32,000
Meanwhile, the 32,000 is acting as a resistance, and the bears can still kick in for a correction. I will monitoring the price action on H4 for extra confirmation.
Which scenario do you think is more likely to happen first? and why?
ð Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich