looking at our trend timeframe we see BTC has found support at $5,000 after selling off for a couple of weeks. We also see the price broke out of its descending pendant and tested for support. Stochastic RSI showing momentum is just now starting to shift in favor of the bulls. A weekly close above $6,700 is a god sign we will continue towards the upside.
Shifting over to our pattern timeframe we see the price has formed higher lows and higher high, stochastic rsi showing momentum is in favor of the bulls with no signs of slowing down. Dynamic resistance at $7,600, a daily close above $6,800 and expect the price to continue towards the upside.
Finally shifting over to our trigger timeframe we see BTC showing multiple signs that support has been found. Stochastic RSI remains in favor of the bull. A 4hour close above $6,800 activates our trade and we should expect to see $7,600 very soon if rejected from this level expect a sell-off towards $5,000.
