Looking at our higher timeframe we see last week's BTC candle broke out of our descending channel and close above. Stochastic RSI showing momentum is in favor of the bulls with no signs of slowing down. This week's candle shows a retest of the channel only to be rejected and continue to retrace towards the upside. Expecting momentum to push price back up to $9,000 filling in our wick.
Shifting over to our pattern timeframe we see BTC forming higher lows, highlighted above. Stochastic RSI is just now shifting in favor of the bulls, however, our weekly showed momentum is already in favor of the bulls...something to watch out for. Looking at our most recent daily candles we see multiple rejections from the $8,250 level, a bullish engulfing at this level is a good sign we are heading up.
Finally looking over at our trigger timeframe we see BTC has formed a double bottom at $8,250. Stochastic RSI showing momentum heavily in favor of the bulls. A 4hour close above our previous high of $8,500 indicates we are heading towards the upside. Rejection from this level and expect a sell-off sub $8,000. Dashed (orange) line shows minor downtrend being broken, followed by our dotted showing our previous high; a close above this level and BTC is heading back up to $9,000.
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