Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
🗒 As per my last educational post, we know that the bulls took over after breaking above the falling flag #4
📌 BTC has been sitting inside a strong rejection zone: 1- Round number => 30,000 2- Classic Weekly Support Zone Turned Resistance 30k - 32k 3- Supply zone
🏹 For the bulls to take over from a Marco perspective, we need a weekly break above 32,000
Meanwhile, the bears can still kick in for one more bearish correction before the bullish take over again. We will be monitoring price action on lower timeframes to confirm it.
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
I'm still bullish for the following reasons: 1- On chain analysis shows that fewer bitcoins are moving and adoption is still growing. 2- There's even fewer bitcoins available at the most important exchanges (Binance, Coinbase, etc.) 3- The average BTC price at which whales (Microstrategy, etc.) have been buying during the last 60 days. I have other considerations, but those are among the most relevant.
Richard, thank you so much for your valuable insights and contributions :)
TheSignalyst
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@mpalavecino thank you for sharing your insights too gentleman 👑
1- On chain analysis shows that fewer bitcoins are moving and adoption is still growing.
2- There's even fewer bitcoins available at the most important exchanges (Binance, Coinbase, etc.)
3- The average BTC price at which whales (Microstrategy, etc.) have been buying during the last 60 days.
I have other considerations, but those are among the most relevant.
Richard, thank you so much for your valuable insights and contributions :)