Bitcoin - In Black & White!

14 ביוני 2022

Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.

As per my last analysis, we were waiting for BTC to break the range either upward or downward.

The bears clearly took over by breaking the range downward for a trend continuation to the downside to start.

Now What?

As per my trading style/plan;
Here are the strongest zones that might hold BTC up/down.
I call them War Zones, (highlighted in Colored Circles)

Orange Circle: 18k - 20k zone

This highlighted circle is a strong area to look for buy setups as it is the intersection of the 20k support and lower short-term trendline. (acting as non-horizontal support)

Blue Circle: 10k - 12k zone

If the 20k is broken downward, then the 10k would be our next strong zone to look for buy setups as it is the intersection of the 10k demand zone and lower long-term trendline. (acting as non-horizontal support)

In Parallel, if BTC trades higher, then it will find resistance around these two zones:

Red Circle: 28k - 30k zone

This highlighted circle is a strong area to look for sell setups as it is the intersection of the 30k resistance and upper short-term trendline. (acting as non-horizontal resistance)

Blue Circle: 28k - 30 zone

If BTC goes flat / sideways from here, then a break above the short-term black channel would signal a bullish correction and then BTC will find resistance around the upper long-term trendline. (acting as non-horizontal resistance)

Interesting Times Indeed!
The more you know about the past, the better prepared you are for the future. ~Theodore Roosevelt

Which scenario do you think is more likely to happen? and Why?

Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich