2019 High (according to Coinbase) of $13,868.44 was followed by a descending channel that has now found support inside our $6,300-$6,700 zones. BTC sitting @ $7,876.78 as I type, and now eyeing $8,000. Stochastic RSI showing momentum is in favor of the bears, let's not forget indicators need rely on price and may be delayed. Our monthly candle looking like a bullish engulfing, along with some exhaustion from the bears shown in the monthly wicks. Which is part of the reason why I believe BTC will make a big move very soon.
Shifting over to our pattern timeframe we price tested what could be the beginning of our weekly uptrend. BTC was consolidating between $6,800-$7,500 for roughly 6-weeks, this week BTC has set a new higher high by kissing $8,000 and now slowing cooling down. Stochastic RSI showing momentum is just now heading towards the upside. A double bottom also is shown in our momentum. BTC would have to break and close above $8,700 to break out of its channel and to be followed by some bezerk moves. Rejection from this level could lead us $5,000 zone.
Finally, switching over to our trigger timeframe we see BTC is now testing our resistance @ $7,750. Stochastic RSI showing momentum heavily in favor of the bulls with no signs of slowing down. Inverse head and shoulders off our $6,700 daily support. A daily close above $7,750, activates the trade.
