BTC - Long-Term View!

13 thg 11, 2022

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

In the 1930s, economist John Maynard Keynes said: “Markets can stay irrational longer than you can stay solvent." Unfortunately, that bit of wisdom remains true today.

BTC has been overall bearish for longer than we can stay solvent, at least we are trying to remain objective… aren't we?

BTC is trading inside a big wedge pattern showing us the overall flow of the market.

Last week, BTC rejected the upper brown trendline, acting as a non-horizontal resistance, and broke below the 20k horizontal support.

For now, the next main rejection / support zone that might hold BTC up, is around the 10k - 12k zone.

If this first support doesn't hold, which I also referred to as Floor 1, then a dive inside the Ground Floor would be expected.

BTC would invalidate this long-term bearish trend, by breaking back above the 20k zone, for the bulls to be able to take over from a short-term perspective.

What do you think? Which Floor is going to hold BTC?

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

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich