Trend timeframe showing price has formed an ATH at 250000 satoshis, followed by a lower high at 200000. Stochastic RSI showing momentum is heading towards the downside, however price is currently testing our major support zone at 160000. Weekly showing a drop towards 120000
Shifting over to our pattern timeframe we see price could potentially be forming a descending parallel channel. Lower high just formed, expecting price to drop towards 120000. Stochastic RSI showing momentum is heading towards the upside. A daily close above 170000 activates our trade, other wise expect price to remain bearish.
