Lets take a look at the shorter term view of the btcusd markets.
The bulls are putting up a good battle and the crypto good news must be spreading as we cleared $8000 this morning.
We have a possible diamond bottom forming on the 4hr should we break through $8400, and consolidate above these prices today.
A diamond bottom would be a very strong reversal confirmation and would set the new floor at $8400.
There is also a possible bump and run in the mix which could bring forth some fomo and possibly push prices towards the 9k – 10k zone.
On the flip side if we hit resistance at $8400 we could face a retrace back to the $6k level, but the trend is our friend so lets be patient and see if it confirms.
For the more high risk trader the 10 MA has signaled the buy on the shorter term and many traders are long on btc vs usd.
Feel free to discuss this trade idea with us on Discord.
ST Support: $7500 – $8000
MT Support: $6000 – $7500