The Ugly Truth #BTC $BTCUSD #Crypto
Weekly
Looking at our highest timeframe we see BTC has been selling off this week, after running into resistance at $10,550. Stochastic RSI showing momentum is just now starting to shift in favor of the bears. Minor support currently being tested at the $8,250, rejection from this level gives BTC another opportunity to make a push towards $11,000. If we see some continuation from this level we may see BTC as low as $7,600.
Daily
Shifting over to our pattern timeframe we see BTC has remained in a minor uptrend since piercing $10,500, stochastic rsi showing momentum seems to have found the bottom at this level. Support and resistance showed at $8,200(S) and $9,200(R), a daily rejection from the $8,200 level and expect BTC to make a move to $9,200. However, a close below $8,200 and expect BTC to continue selling off towards $7,600. $8,500 is also a key level to watch.
4Hour
Finally looking at our trigger timeframe we see BTC is struggling to break out $8,525 level, stochastic rsi showing momentum in favor of the bulls. Last time BTC was at this price we saw a run from $8,275 up to $10,500, are we going to see the same price action play out? A 4hour close below $8,525 and expect BTC to continue selling off, however, if we see a 4hour close above $8,525 expect the price to make another rally towards $9,200
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