BTC - Short-Term Correction Ahead ?❗️

16 nov 2023

Hello TradingView Family / Fellow Traders,

📈 BTC has been generally bullish from a medium-term perspective, trading within the ascending broadening wedge outlined in red.

Currently, BTC is positioned near the upper boundary of the wedge; thus, we can anticipate a correction if the last minor low highlighted in green is breached downward.

📉 If the green low at 37,150 is broken downward, we can expect a bearish movement until the lower red trendline, where we will be looking for trend-following buy setups.

🏹 Meanwhile, as long as the bears do not take control, BTC will remain bullish and may continue to trade higher, especially if the 38,000 level is breached upward.

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

Good luck!

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

17 nov 2023

Commento

As mentioned above, if the 37,150 is broken downward, we will expecting a bearish movement till the lower red trendline.



Currently, BTC is rejecting the lower red trendline. For the bulls to take over short-term, we need a break above the last high in blue (36,700)

Meanwhile, BTC can still test the lower red trendline again