Looking at our trend timeframe we see price bounced off our $6,000 support level, and is now looking to engulf last months candle. Stochastic RSI showing momentum us slowing down but has not bottomed out. BTC currently testing our $8,600 resistance, will be watching smaller timeframes for a close above this level. A rejection from $10,000 and we should expect BTC to fall towards $5,000.
Shifting over to our pattern timeframe we see price testing our $8,600 resistance, a weekly close above this level activates our trade. Stochastic RSI showing momentum is heading towards the upside now. Expecting some daily consolidation at this level.
Finally looking at our trigger timeframe we see price is continuing it’s uptrend pattern is now forming a higher low. A daily close above $8,400 and we should see BTC make a run towards $9,600, however a rejection from this level and a radical sell off towards $5,000.
