BTC - Wait For The Bulls ↗️

9. Okt. 2023

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

This week, BTC rejected the 28,000 resistance and is currently trading lower, so the bears are in control from a short-term perspective.

However, the overall bias is still bullish as BTC is still trading inside the rising channel in orange.

Moreover, the zone 27,000 is a demand zone.

🏹 So the highlighted orange circle is a strong area to look for trend-following buy setups as it is the intersection of the blue demand zone and lower orange trendline acting as a non-horizontal support.

As per my trading style:
As BTC approaches the lower orange circle zone, I will be looking for bullish reversal setups (like a double bottom pattern, trendline break , and so on...)

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

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich