BTC on the 4-HR is showing higher lows on the CCI with the RSI remaining relatively neutral. This is a bullish indicator for me, though a brief dip to $7800 is not out of the question. I'm expecting the $7800 support to hold, and for BTC to gather strength from there while remaining in the falling wedge. In the near term there may even be a slight price boost to the $8.2k region, but a significant move on price is not expected until BTC moves out of the falling wedge.
Note
BTC hit the resistance line, and has started to fall back. Without a good increase in volume it is unlikely to break this line of resistance soon. Looking for BTC to consolidate around $8k before making a new push up. Once the resistance line is broken BTC is expected to face much more significant resistance at $8470.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.