Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.
BTC has been stuck inside a range in the shape of a symmetrical triangle (in red)
Bitcoin has to make a decision soon! Especially with US500 also sitting around a support zone.
📌Bullish Scenario: (Right Chart)
For the bulls to take over, we need a break above the symmetrical triangle AND the 20k level upward.
📌Bearish Scenario: (Left Chart)
For the bears to remain in control, we need a break below the symmetrical triangle AND the 18k level downward.
🥇 * As you noticed, a break below or above the symmetrical triangle would only be an early alert to prepare for the real break. and might result in a fake breakout.
So for extra confirmation, I am waiting for a break above 20k or below 18k
🥈 ** By break, I mean a Momentum Daily Candle Close.
🥉 *** I know many of you would criticize my analysis: "oh it can either go up or down" right but you forgot the "IF" statement.
As a conservative trader, that's my style, and it is working for me. I don't predict, I react.
It can go up or down, but I am only in looking for longs above 20k and shorts below 18k. for now, I wait :)
As traders, we only take action 10% of the time. the other 90% would be waiting and waiting.
1- wait for the asset to approach a certain rejection zone
2- then wait for a setup to form
3- then wait for the break / trigger
4- then wait for the result
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
BTC has been stuck inside a range in the shape of a symmetrical triangle (in red)
Bitcoin has to make a decision soon! Especially with US500 also sitting around a support zone.
📌Bullish Scenario: (Right Chart)
For the bulls to take over, we need a break above the symmetrical triangle AND the 20k level upward.
📌Bearish Scenario: (Left Chart)
For the bears to remain in control, we need a break below the symmetrical triangle AND the 18k level downward.
🥇 * As you noticed, a break below or above the symmetrical triangle would only be an early alert to prepare for the real break. and might result in a fake breakout.
So for extra confirmation, I am waiting for a break above 20k or below 18k
🥈 ** By break, I mean a Momentum Daily Candle Close.
🥉 *** I know many of you would criticize my analysis: "oh it can either go up or down" right but you forgot the "IF" statement.
As a conservative trader, that's my style, and it is working for me. I don't predict, I react.
It can go up or down, but I am only in looking for longs above 20k and shorts below 18k. for now, I wait :)
As traders, we only take action 10% of the time. the other 90% would be waiting and waiting.
1- wait for the asset to approach a certain rejection zone
2- then wait for a setup to form
3- then wait for the break / trigger
4- then wait for the result
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