BTC - Market Structure 101 📚 Keeping It Simple

30 lis 2023

Hello TradingView Family / Fellow Traders,

📊 I find the BTC H1 chart interesting as it has been respecting the market structure cleanly inside the rising channel recently.

📈 As the price approaches the lower bound of the channel, the bulls are taking control for an impulse after breaking above the last high in blue and the 21 EMA.

📉 Conversely, as the price nears the upper bound of the channel, the bears take charge for a correction after breaking below the last low in green and the 21 EMA.

Today, BTC rejected the upper bound and broke below the green low and 21 EMA, signaling that the bears are currently in control.

📉 The bears are expected to maintain control, and we anticipate a movement towards the lower bound of the channel.

📈 However, a shift in momentum could occur if the bulls regain control by breaking above the red channel and reaching 38,100. In such a scenario, we would anticipate a bullish continuation towards the upper bound of the rising channel.

What are your thoughts? Do you believe BTC will continue to adhere to this simple market structure?

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

Good luck!

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