BITMEX:XBT   Bitcoin / US Dollar Index
BTC 1D: Bitcoin Daily TimeFrame . A Bullish Engulfing Candle is forming and our RSI is currently rebounding from highly oversold levels. If our Daily candle can close above $7,500 this will be a Bullish sign for BTC & the crypto sphere. If Bitcoin is able to sustain a price above $8,175 we could assume a price level of $9,100 for the Midterm.

Short term resistance levels

$7,700

$7,900

$8,125
Comment: BTC 1D Bitcoin Daily TF: Bitcoin failed to break above $7,700 as we were expecting. We did manage to hit our take profit zone 1 of $7,700. As we can see we currently have a Three Black Crow Pattern on our Daily TF. BTC has one last line of support which is our $7,290 low. A break below and we will see an accelerated sell off towards $6,500-$7,000 block. Those looking to switch into USD or USDT can put stop losses at $7,280.

Comment: Hello traders. We hope everyone set stop losses and preserved your capital.We saw our Accelerated sell off into our Block.

BTC 1HR: Bitcoin has traded within our range for the past 12 hours. We now see we have formed Higher Lows on our 1HR Timeframe. At the moment it appears $6,460 is now a support level for Bitcoin. This is great technically for Bitcoin.

A sustained Higher Low and we will see $6,755 & $6940 soon.

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