Not So Soon Bears #BTC $BTCUSD #Bitcoin #Crypto
Weekly
Looking at our trend timeframe we can BTC is continuing with its sell-off, stochastic rsi showing momentum is in favor of the bears with no signs of slowing down. Previously BTC was respecting our descending channel pattern before breaking out, the price has now returned to our dynamic support. A bounce off our $7,000 zone validates BTC is an uptrend if we close below expect BTC to continue selling off towards our $5,500 support.
Daily
Shifting over to our pattern timeframe we can see BTC is now in a minor downtrend from it's recent high at $10,500. Stochastic RSI showing momentum is in favor of the bears with no signs of reversal. Fibonacci retracement is drawn from our most recent swing low at ($6,430) to our most recent swing high at ($10,528), the price is currently testing our 70% retracement level. A bounce off this level would be ideal, I believe if we continue to sell-off we could see a possible panic sell to $5,500, expecting consolidation at this level before our next move. A daily close above $7,700 and expect a push towards our dynamic resistance at $8,400, rejection from this level and expect the sell-off to continue.
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