BTC - Range Getting Narrower!

1 oct 2022

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

BTC has been ranging for a couple of weeks now between the upper blue zone 22500 and lower green zone 18000.

Lately, BTC is getting stuck inside a narrower range, inside the red trendlines.

So from a short-term perspective, as BTC approaches the upper red trendline, we will be looking for sell setups, and as it approaches the lower red trendline, we will be looking for buy setups.

In short, we will be trading the range. Until eventually it would be broken upward or downward.

If we break below the 18k, then further long-term bearish impulse would be expected.

If we break above the 20500, then a short-term bullish movement till the 22500 in blue would be expected.

By break, I mean a momentum candle close from H4 or Daily.

Which scenario do you think is more probable and why?

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

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich