Bitcoin is showing a confluence of signs in the short term. A confirmed followed by a confirmed on the 1D. Best case scenario is we see a rally after a one-candle confirmation of the and a bounce off of the .382 Fib level. The more likely scenario is a retracement to recent swing lows of $9100. We bounced off of this level on July 17 with declining , which can be seen as divergence; so a retest of that level to ensure its validity is likely. The MACD's histogram is expanding with longer red bars and the RSI's momentum is still declining.
The BUY ZONE for BTC is between $7300 and $8900. I'll be scaling in to this level gradually if/when we hit. I personally don't think we will fall below the 100 MA (orange line), but if we do there is enough confluence at the .618 Fib around $7300 where I will plan on loading up majorly. Overall, BTC /USD is still long term and you can corroborate this on the weekly and monthly charts. Also, all of this action is being formed within a larger pattern: a classic .
Stay safe traders!