Bitcoin, Next Stop $7,700
Daily
Looking at our highest timeframe we see price has attempted to pierce $8,500, however failed and has since retracted towards the downside since. Expecting price to fill wick and fall towards $7,700 sometime this morning or later this week. Stochastic RSI showing momentum is bearish, with no signs of bulls.
4Hour
Shifting over to our pattern timeframe we see price has struggled to break above $8,500. However we have remained above $8,200. Stochastic RSI showing momentum is bullish, Will not be taking an entry until a 4hour close above $8,700. A 4hour close below $8,200 and expect BTC to fall towards $7,700 / A 4hour close above $8,400, should be followed by an extension towards $8,7000 followed by a minor correction towards the downside ($8,500)
Conclusion
Buy after break and close above $8,400,* only after price has been rejected off $8,700 / Wait for a bounce off $7,700.
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