Looking at our trend timeframe we see price still respecting our descending wedge pattern. Expecting some consolidation on the smaller timeframes before BTC makes any big moves. Stochastic RSI showing momentum looking bearish, however it is starting to slow down. A weekly close above $6,700 and we should see a small push towards $7,500. Two possible scenarios for BTC: either we come back down to hold for support have pushing towards $7,500 OR we break through and fall towards our $5,000 target.
Shifting over to our pattern timeframe we see price has been consolidating below $6,700-$6,800 for a couple of days now. A daily close above $6,800 and we should see a short BTC run, stochastic rsi showing momentum is heading towards the upside. Expecting a double bottom to form at our indicated zone.
