Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.
on DAILY: Left Chart
BTC is overall bullish trading inside the green channel. and it is currently retesting the lower bound / green trendline.
Moreover, the blue zone is a resistance turned support.
Thus, as price approaches the lower green trendline and blue support we will be looking for trend-following buy setups.
on H1: Right Chart
BTC is forming a channel in red but the upper trendline is not valid yet.
So we will be waiting for a third swing to form around it to consider it our trigger swing.
Trigger => waiting for that third swing to form and then buy after a momentum candle close above it.
Meanwhile, until the buy is activated, BTC can still trade lower inside the blue support or even break it downward.
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
on DAILY: Left Chart
BTC is overall bullish trading inside the green channel. and it is currently retesting the lower bound / green trendline.
Moreover, the blue zone is a resistance turned support.
Thus, as price approaches the lower green trendline and blue support we will be looking for trend-following buy setups.
on H1: Right Chart
BTC is forming a channel in red but the upper trendline is not valid yet.
So we will be waiting for a third swing to form around it to consider it our trigger swing.
Trigger => waiting for that third swing to form and then buy after a momentum candle close above it.
Meanwhile, until the buy is activated, BTC can still trade lower inside the blue support or even break it downward.
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