BITCOIN - Make Or Break Zone!

16 Nis 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. However, it is now sitting inside a strong weekly rejection zone.

Here is why the 30k - 32k is a strong rejection:
1- Round number => 30,000
2- Classic Support Zone Turned Resistance
3- Weekly Supply zone
4- Intersecting with the upper red trendline acting as a non-horizontal resistance

📉 For the bulls to take over from a long-term perspective, we need a weekly break above 32,000 as mentioned in my previous post (attached below)

📌on H1: Right Chart
For now, as long as we are inside the 30k - 32k zone, the bears can take over for a correction.

For the bears to take control, we need a break below the last minor low in gray which would be the neckline of a head and shoulders in the making.

📉 In this case, a movement till one of our two demand zones would be expected (highlighted on the chart)

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