BTC - Potential Long-Term Reversal?🔎

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

🗒 As per my last educational post like 2 months ago, we might be in Pattern 4 => falling correction after a bearish impulse, leading to a bullish reversal.

BTC rejected the lower bound of the green channel and traded higher.

📌 However, for the pattern to get activated, we need a weekly break above the last major high in green, around 22,000

Meanwhile, BTC is sitting around the lower bound of the falling green channel, after completing the big correction inside the rising red channel.

📌 For the bulls to remain in control medium-term, we need a daily close above the 19,000. In this case a movement till the 20,500 FTX crash supply zone would be expected.

Again, for a long-term shift in momentum from bearish to bullish, we need a break above 22,00

📉Which scenario do you think is more likely to happen? and why?

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

Good luck!

And remember:
🗒 All Strategies Are Good; If Managed Properly!
~Rich