COINBASE:BTCUSD Bitcoin / U.S. Dollar
Looking at the trend timeframe we see price has remained in its short term uptrend, showing momentum remains in favor of the bulls however we are slowing down. BTC tested $10,500 on some exchanges, however, we were rejected from this level and we are now testin $9,800 for support. This chart shows me to be more than ever, I don't see any major resistance until $14,000. Rejection from this level however and we could see BTC continue to fall towards $7,000.
Shifting towards our pattern timeframe we see BTC has topped out at $10,500 and has since been slowly descending. The price is currently testing our previous resistance of $9,800 for support which was a major resistance before. A close above this level is a good sign we will be making a parabolic move towards $14,000. A close above $9,900 indicates we will be heading towards the upside, rejection from this level indicates we will continue towards the downside.
Finally looking at the trigger timeframe we see the price has broken its minor uptrend and is looking to continue towards the downside. showing momentum is in favor of the bears. A 4hour close above $9875 indicates we will continue towards the upside, rejection from this level and we should continue towards our support at $9,200.