Hello TradingView Family, this is Richard, as known as theSignalyst.

As per my last weekly analysis here, we were waiting for a weekly candle close above the green zone for the bulls to take over from a long-term perspective.

And if you remember, I also posted this daily chart a week ago, that we are currently in an accumulation phase and waiting for the bulls to break above the gray area to take over.

Congrats HODLERS 😁

(3) After breaking the green zone from weekly (1) and the accumulation from daily (2), BTC is overall bullish trading inside the orange channel

The next possible resistance is my blue zone 48k – 50k so for the bulls to remain in control, we need a daily close above it and above the upper orange trendline. (projection in purple)

Meanwhile, the bears can kick in for a correction to the gray zone (previous highs) before trading higher. (projection in red)

The bears would take over for a correction by breaking the last low downward from H1, but I didn’t share the picture here to keep my post short.

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

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

All Strategies Are Good; If Managed Properly!
~Rich