BTC - Mayday... 🛩 Mayday... 🛩Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.
BTC has been trading in a range in the shape of a symmetrical triangle / pennant.
As per my last analysis here, If BTC breaks below the lower bound of the pennant and 15700 previous lows, then expect that bearish continuation pennant to get activated.
In this case, we will be expected the bearish movement (projection) to be almost the same size of the previous bearish impulse. Which would bring us to the 12k weekly demand zone .
If the above happens... Brace For Impact!
Meanwhile, until we break below 15700, the bulls can still kick in for a short-term bullish relief.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
