BTC - The Bias Remains Bearish ❗️

8. Aug. 2023Greetings, TradingView Family! This is Richard, also known as theSignalyst.

📌 After breaking below the significant round number of 30,000 and a major low, BTC has exhibited a predominantly bearish trend trading inside the falling channel in red.

📉 If the current last low is breached with an H4 candle closing below 28,700, it is likely to trigger further bearish movement, potentially leading to a decline towards 27,500.

In this case, as BTC approaches 27,500 we will be looking for buy setups as it is the intersection of multiple trendlines.

📈 To regain control, the bulls must achieve a strong momentum candle close above the key level of 30,000. Such a move could potentially shift market sentiment in favor of the bulls and indicate a possible trend reversal.

📚 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