BTC - Macro View 🌐

14 nov. 2023

Hello TradingView Family / Fellow Traders,

📈 Following the rejection of the 25,000 support, BTC experienced a significant 50% surge, forming another bullish impulse that confirms the ongoing upward trend.

Consequently, we've identified and outlined a rising channel in orange.

BTC is currently approaching the upper boundary of the orange channel, coinciding with the 40,000 resistance zone.

🏹 To sustain bullish control and assert dominance from a macro perspective, a crucial requirement is a weekly candle close above 40,000. Such a development would likely lead to a parabolic movement, aiming for the 50,000 resistance level.

📉 Meanwhile, considering BTC's proximity to a formidable resistance zone, there remains a possibility of bearish intervention, potentially pushing it back into a range reminiscent of the 25,000 to 30,000 range.

This scenario's confirmation would depend on lower timeframes, especially if a bearish reversal setup is triggered.

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

Good luck!

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