Bitcoin broke out of the downtrend on the daily timeframe and is currently in a pullback before the next leg up, or it's just continuation of the downtrend. Looking at the lower timeframe i can see that bitcoin has been testing the support on the last structure high and keeps getting rejected when testing that support. The RSI on the 4h is diverging and contracting. The resistance at 8800 (last swing high) is also heavily defended which means that price will likely balance out and form an equilibrium. Unless 4h closes below support a couple of times (<8400), I see bitcoin going up to retest the highs at the orange areas.
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Price is testing support again and it has been hovering here for 2-3hrs. You could say that price is becoming comfortable here. It doesn't look good, but as long as the support is holding i shouldn't be complaining.
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nasty drop today. not too much wiggle room left.
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price is hovering around my mental stop. haven't closed yet.
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trade closed