BTC - Short-Term Correction | ETH analysis inside!

28 sie 2022

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

As per my last analysis (attached below) the bears took over by breaking the wedge pattern downward and BTC traded lower till the 20k support zone.

18k - 20k is a strong support zone so we will be looking for buy setups on lower timeframes. Knowing that BTC can still dive inside the support zone before trading higher.

BTC is forming a minor double bottom pattern, but it is not ready to go yet.

For the bulls to take over, to start the minor correction upward, we need a momentum candle close above the blue neckline.

Meanwhile, until the buy is activated, BTC would be overall bearish and can still dive inside the 18-20k support zone.

Regarding ETH, we can see a very similar pattern.


ETH is sitting around the 1450 - 1500 support so for the bulls to take over, we need a momentum candle close above the blue neckline.

Meanwhile, the bears can still kick in and break the 1450 downward, in this case, further bearish movements would be expected.

Which scenario do you think is more probable and why?

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

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich