Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
🗒 As per my last educational post, we know that the bulls took over after breaking above the falling flag #4
📌 BTC is now approaching a strong rejection zone: 1- Round number => 30,000 2- Classic Support Zone Turned Resistance 30k - 32k 3- Supply zone (marked on the chart)
🏹 For the bulls to take over from a Marco perspective, we need a weekly break above 32,000
Meanwhile, the bears can kick in around 30k - 32k for a bearish correction before the bullish take over again. We will be monitoring price action on lower timeframes to confirm it.
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
Here's my thoughts on BTC: