BTC - Bearish Pressure Ahead!

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

📈 As per our latest analysis, BTC has rejected the $50,000 - $52,000 support zone and has been trading higher since then.

However...

BTC is currently approaching the upper bound of the red channel.

Thus, for the bulls to remain in control, a break above the upper red trendline is needed. In this case, a movement towards the $70,000 resistance would be expected.

Meanwhile, BTC would be bearish medium-term and can still reject the red trendline for one more leg down.

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

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich