Looking at our trend timeframe we see BTC is respecting its minor uptrend, however long term we are still in a downtrend. Stochastic RSI showing momentum in favor of bulls. Last week we had a weekly close above our $8,000 resistance, and the price is now looking to break above our descending channel pattern. A weekly close above the $8,500 is a good sign price will continue towards the upside.
Shifting over to the pattern timeframe we see price formed an inverse head and shoulders above $6,750, followed by a close above our $7,750 resistance. Resistance becomes support and vice versa, BTC then retraced to our previous resistance and confirmed it's new support. Stochastic RSI showing momentum in favor of bulls with no signs of slowing down. Higher lows have been underlined in yellow, BTC looking to hold above $8,500. A bounce off our dynamic support from our descending channel indicates we are heading towards the upside, and it may be a very radical move.
Finally looking at our trigger timeframe we see BTC price range is starting to tighten up. Minor resistance at $8,720 and minor support is shown at $8,550. A close above our below these levels indicates our next move, stochastic rsi showing momentum in favor of bears. However our indicator relies on price, and momentum is also showing we may be close to a potential bottom. The bullish scenario we see BTC at $10,000 very soon, the bearish scenario we see BTC back at $8,000.
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