BTC - Medium-Term View 🔎

29. Aug. 2023

Greetings, TradingView Family! This is Richard, also known as theSignalyst.

🏹 From a macro perspective, as per my analysis from yesterday, it's evident that BTC is approaching a significant weekly support zone:

Additionally, as I mentioned last week, BTC appears to be nearing the end of its correction phase:

📌 To signal a bullish momentum shift in the short-term, we should look for a decisive break above the last minor high marked in orange, which is approximately around 26,330.

Furthermore, to establish medium-term bullish control, it's crucial for BTC to surpass the 26,800 level.

📉 Meanwhile, BTC would be overall bearish and can still trade lower to test the 25,000 support, especially if the last orange range is broken downward.

📚 Always remember to follow your trading plan when it comes to entry, risk management, and trade management.

Good luck!

Remember, all strategies are good if managed properly!

~Rich