BTC - Trio Retest 3️⃣

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

I find the daily chart for BTC to be interesting as it appears to be forming one of my favorite patterns. What I call TRIO RETEST

Here is why the purple circle is a strong zone to keep an eye on:

1 => Overall Trend
BTC has been bullish medium-term trading inside the rising broadening wedge in blue and now approaching the lower blue bound / trendline acting as a non-horizontal support.

2 => Demand Zone
The green zone is a previous resistance turned into support and a Demand Zone.

3 => Oversold Zone
BTC is bearish short-term trading inside the falling channel in orange and now approaching the lower orange trendline which I consider an oversold zone.

As per my trading style:
As BTC is sitting around the purple circle zone, I will be looking for bullish reversal setups (like a double bottom pattern, trendline break, and so on...)

📚 Hope you find this post useful. It's important to always adhere to your trading plan, including entry points, risk management strategies, and trade management techniques.

All Strategies Are Good; If Managed Properly!
~Richard

Disclaimer: The information provided is for educational and informational purposes only and should not be considered as financial advice. It is important to do your own research and make informed decisions before entering any trades. Past performance is not indicative of future results. Always be aware of the potential for losses, and never risk more than you can afford to lose.

Comment:

For the bulls to take over from a medium-term perspective, we need a break above the last major high in gray and both trendlines (blue and orange)