Looking at our trend timeframe we see BTC remains in its minor uptrend when compared to its overall downtrend since making its ATH. Stochastic RSI showing momentum is in favor of the bears, however, price action has found support at $8,500.
Shifting over to our pattern timeframe we see BTC has broken out of its minor downtrend and tested for support. Stochastic RSI showing momentum is in favor of the bulls and we could be expecting some further moves towards the upside. Price action currently testing our uptrend from December 2019, a daily close above $8,900 is a good sign we will continue towards $9,600. There is still a possibility that BTC will form an ascending pennant on the days before breaking out.
Shifting over to our trigger timeframe we see BTC jumped from $8,300 to $10,400 last time we saw this price. Stochastic RSI showing momentum is in favor of the bulls with no signs of slowing down. A 4hour close above $9,100 indicates we will continue towards the upside, rejection from this level leads to a sell-off towards $8,600.
