Bounce Off $7,700, Long

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Looking at our trend timeframe we see price has formed a lower high just below $9,000. Stochastic RSI showing momentum has remained bearish , expecting price to fall towards $7,700. A break below this level and it will be scary for all of us.

Shifting over to our pattern timeframe we support has been found $8,150 a 4hour close above $8,400 ad expecting a push towards $8,700. Will not be adding to BTC position until daily confirmation of support. Expecting resistance @ $8,700 followed by a small retracement.

Conclusion: Wait for a daily confirmation of support around $7,700.

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