$BTC $USD $BTCUSD Normal Price Action
Weekly
Looking at our trend timeframe we see BTC appears to have broken our descending channel, however, we have failed to close above our weekly resistance at $8,800. Stochastic RSI showing momentum remains in favor of bulls. Retracements are normal and healthy, just because we see a couple of candles switch does not necessarily mean we have switched trends. A bearish engulfing at this level indicates BTC will be forming a lower low, expect a drop below $6,000 or a double bottom at $6,700. A weekly close above $8,800 indicates our next leg towards the upside. A look at our smaller timeframe can give us a better idea.
Daily
Shifting to our pattern timeframe we see dynamic support at $7,900, stochastic rsi showing momentum is in favor of the bears. Expecting a bounce off $7,900 or a daily close above $8,700 to indicate our next direction.
4Hour
Finally looking at our trigger timeframe we see BTC may have found short term support based off our Fibonacci retracement. A close below $8,025 indicates we are no longer in this short term bullish trend, however, if we hold at our current level expect a radical push towards the upside. Stochastic RSI showing momentum is in favor of the bears however it looks like we are slowing down. A 4hour close above $8,500 indicates we are heading towards the upside, a 4hour close below $8,300 indicates we will continue towards $8,000.
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