Daily
Looking at our highest timeframe we see price has continued to struggle breaking through $7,700. Stochastic RSI showing momentum may have topped out, and we could be heading towards the downside. Price showing daily downtrend has been broken, and tested however no confirmation just yet. A daily close above $7,700 activates our trade, a close below $7,500 and expect the sell off to continue towards $6,500.
4Hour
Shifting over to our pattern timeframe we see price counting to respect our dynamic support, however BTC is failed to form a higher high and is now looking bearish. A 4hour close below $7,500 and BTC should drop towards $6,500 stochastic rsi showing momentum is starting to shift towards the downside.
Hourly
Finally looking over at our trigger timeframe we see price respecting a bullish channel structure, momentum however has shifted towards the bears. Price is currently testing our minor and major dynamic support, a close below this level and the sell off will continue.
Conclusion
- Buy: After Daily Close Above $7,700 / Wait Till Structure Is Broken
- Sell: NO
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Disclaimer: I am not a financial advisor nor am I giving financial advice. I am sharing my biased opinion based off speculation. You should not take my opinion as financial advice. You should always do your research before making any investment. You should also understand the risks of investing. This is all speculative based investing.
Thanks for the update. Seems like BTC doesn't have enough energy for a higher high, hopefully we will see a higher low and the macro bullish trend continue. Keep up the good work. Cheers
Verge
XVG analysis coming soon!