BTC - Correction Phase Started ๐๐
Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
๐ After breaking below $70,000, BTC started the bearish correction phase.
As long as the $70,000 resistance holds, we anticipate a movement towards the lower bound of the red wedge pattern.
Moreover, the $60,000 - $62,000 range is a massive support zone.
๐น Thus, the highlighted red circle is a strong area to look for buy setups as it is the intersection of the blue support and lower red trendline.
๐ As per my trading style:
As #BTC approaches the red circle zone, I will be looking for bullish reversal setups (like a double bottom pattern, trendline break , and so on...)
๐ Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
๐ After breaking below $70,000, BTC started the bearish correction phase.
As long as the $70,000 resistance holds, we anticipate a movement towards the lower bound of the red wedge pattern.
Moreover, the $60,000 - $62,000 range is a massive support zone.
๐น Thus, the highlighted red circle is a strong area to look for buy setups as it is the intersection of the blue support and lower red trendline.
๐ As per my trading style:
As #BTC approaches the red circle zone, I will be looking for bullish reversal setups (like a double bottom pattern, trendline break , and so on...)
๐ Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
Thus, we will start looking for bullish reversal setups on lower timeframes to confirm bullish control.