TheSignalyst

โ‚ฟTC - Getting Over-Bought ?โ—๏ธ

WHITEBIT:BTCUSDT   Bitcoin / Tether US
Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.

๐Ÿ“ˆ BTC is currently overall bullish trading inside the red rising broadening wedge pattern.

๐Ÿ“Œ Here is why the 30,000 - 32,000 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

๐Ÿ“‰ Hence, as BTC approaches the 30k - 32k zone, we will be expecting the bears to take over for a medium-term correction.

๐Ÿ“Œ For the bulls to take over from a MACRO perspective, we need a weekly candle close above 32,000

๐Ÿ“š 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
www.RichTL.com

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