TheSignalyst

BTC - Bulls Taking Over Soon?

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Hello TradingView Family, this is Richard, if you like the idea, do not forget to support with a like and / or comment.

BTC is now in a correction phase / short-term bearish trend - after breaking below the last low marked in red.

The bears are clearly in control for now since BTC is making Lower Lows and Lower Highs.

However, the bears seem to be exhausted as the falling impulse movements are getting smaller and flat. and the last flat impulse movement / range happens to be around our 58k-60k support zone .

Even though the bears are getting weaker, we can't say that the bulls took over, not yet.

For the bulls to take over again for a shift in momentum from bearish to bullish , we need a break above the last High marked in blue.

Meanwhile, and until the bulls break above the blue, BTC would be overall bearish and can still dive inside the support till 58k or even break it downward.

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

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich

This analysis is done using RichTL indicator
http://www.RichTL.com

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