Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.
As per my last analysis (attached on the chart), we know that BTC has been stuck inside a range in the shape of a red rising broadening wedge .
The bears took over yesterday by breaking below the last minor low in gray. What next?
As per the latest structure, we are expecting BTC to reject the lower bound of the red rising broadening wedge , especially that the lower bound is lining up with the blue demand zone .
As per my trading plan / style:
As BTC approaches the blue demand, I will be waiting for a new high to form and get broken upward.
The previous high break would be our confirmation that the bulls are re-gaining control, as BTC can still trade till the lower red trendline before reversing or even break it downward.
Always follow your trading plan regarding entry, risk management, and trade management.