BTC - Correction Phase Almost Done 👌

Hello TradingView Family / Fellow Traders,

Based on my recent BTC analysis (attached on the chart), we anticipated the onset of a bearish correction around the upper boundary of the channel, unless there is an upward break of the last high marked in red.

📉 BTC fell short of surpassing the previous minor high and, instead, was rejected at the upper bound of the channel, leading to a subsequent decline.

📈 Currently, BTC is approaching the lower boundary of the channel. As a result, we will be on the lookout for trend-following buy setups, knowing that BTC might still test the lower red trendline before the bullish trend resumes.

📉 We will be on the lookout for buy setups unless there is a downward break of both the lower red trendline and the 40,000 level. In such a scenario, we anticipate a medium-term shift in momentum from bullish to bearish.

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

Good luck!

All Strategies Are Good; If Managed Properly!
~Richard Nasr

Comment:

Here is the correct channel:

Previously, I copied and pasted the channel from a different layout. That's why there was a slight difference.

Comment:

BTC rejected our blue circle zone (intersection of the 40,000 and lower red trendline)

Now BTC is trading higher.

For the bulls to remain in control, an H4 candle close above the last high in orange at 42,510 is needed.