Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
BTC has been overall bullish for the last 2 weeks trading inside the red channel.
We would be bullish (short-term) as long as we are trading inside the channel.
However, the 18k is a strong resistance zone as it is intersecting with the upper red trendline which acts as a non-horizontal resistance.
So I will be expecting a rejecting there. As per my trading style, I will be zooming in to lower timeframes and looking for any bearish reversal setup to confirm it.
We would be bullish, unless we break below the orange zone, in this case a movement till the lower bound of the range (around 15500) would be expected.
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 overall bullish for the last 2 weeks trading inside the red channel.
We would be bullish (short-term) as long as we are trading inside the channel.
However, the 18k is a strong resistance zone as it is intersecting with the upper red trendline which acts as a non-horizontal resistance.
So I will be expecting a rejecting there. As per my trading style, I will be zooming in to lower timeframes and looking for any bearish reversal setup to confirm it.
We would be bullish, unless we break below the orange zone, in this case a movement till the lower bound of the range (around 15500) would be expected.
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