BTC - Bearish Pressure Soon?

Oct 31, 2024

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

📈 As per my last analysis, attached on the chart, BTC rejected the red structure and traded higher creating a new short-term structure marked in orange.

However, BTC is currently hovering around the upper bound of the channel and all-time high $74,000.

🏹For the bulls to remain in control long-term, a weekly candle close above $74,000 is needed.

📉In parallel, if the last minor low at $71,000 is broken downward, a bearish correction towards the lower blue trendline would be expected.

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

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich

Nov 2, 2024

Note

The $71,000 is broken downward:


So we are now officially in a bearish correction phase.

$67,000 is the next support!

Nov 5, 2024

Note

BTC is approaching the lower bound of the channel and $66,000 mark.