BTC - Thank Me Later!
2024-10-04

Hello TradingView Family / Fellow Traders. This is Richard.

🗒 Do you remember this post from 2023?


As mentioned back then, BTC was forming Pattern 4, which was activated after breaking above the falling green channel, leading to a surge of over 200%.

So, according to the educational post, where are we now⁉️

🔑A falling correction after a bullish impulse signals what?

 That’s right — we are now in the process of forming Pattern 1. 

For this pattern to be activated and the bullish continuation phase to begin, we need a weekly candle close above $70,000.

Of course, in the meantime, as long as BTC is trading within the falling channel, it can still retest the lower bound before activating the phase.

 ❗️N.B.  Always remember, nothing moves in a straight line, so we might see a correction (in the form of a higher low) along the way.

 📉 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!

🗒 All strategies are good, if managed properly!
~Rich