BITCOIN – Long-Term Log View!

BITCOIN – Long-Term Log View!

Bitcoin / U.S. dollar BITSTAMP:BTCUSD


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

From a long-term perspective, BTC is overall bullish trading inside our green channel.

Moreover, the green zone (10k – 12k) is a resistance turned support.

We are in a correction phase, but the question is, till when / where?

Let’s compare this correction to the previous two corrections:

📌1- The previous correction were around -86%

-86% for the current correction would be lining us with the green trendline and support zone .

📌2- At the end of every previous correction, MACD shifted from dark red to light red. and then of course broke above the blue EMA .

If we follow the same logic for this correction, we are still waiting for a new light red bar on MACD . Will it be next month?

Meanwhile, we would be bearish and our main rejection would be around the green support zone .

And of course, before we buy, we will need to zoom in to lower timeframes and wait for the bulls to take over by breaking above the last Weekly/Daily major high.

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

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich

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