BTC - Critical Period / Area ❗️

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 approaching a strong rejection zone.

Here is why the 30k - 32k is a strong rejection:
1- Round number => 30,000
2- Classic Support Zone Turned Resistance from Weekly timeframe
3- Supply zone marked on the chart
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

📌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.

📉 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