Bitcoin Critical Point
Weekly
Looking at our highest timeframe we see price has tested weekly minor support @ $8,000. We have since retraced back up to $8,300, Stochastic RSI showing momentum is bearish. A weekly close above $8,000, and there is hope we don’t panic sell towards $7,000.
Daily
Shifting over to our pattern timeframe we see price bouncing off a potential dynamic and horizontal support. A daily close above our aggressive trendline DOES NOT activates our trade. Patiently waiting for a retest of support once price has broken our. 2018 has given us too many bull traps, extra caution will be taken. Stochastic RSI showing momentum is heading towards upside.
4Hour
Finally looking at our trigger timeframe we see price is looking to form a higher high, leading towards, breakout. However entry will not be taken until price has retraced to test for support before taking any entries. Stochastic RSI showing momentum is bearish.
Conclusion
Buy after break and retest of support from aggressive trendline on the 4hour.
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