BTC/USD 7/29 - Leg Up to $8700?
Daily
A bearish "Spinning Top" candle was printed yesterday which usually a reversal to the bear side. With the spinning top establishing a lower high, we may see a retest of the $7800 USD level. A high RSI and slumping Stoch may also be indicative of this reversal.
Should we continue up, $8700 is the goal here as RSI may be too overbought to continue and we would probably see a fall back to the previous local high of $8400 - $8500 USD. Then, we can get ready for that next leg up to ultimately retest the big $10k mark.
4-Hour
Zooming in, we see the general uptrend remain intact for now with a wick outside, showing strength to remain within the channel.
Price action as been relatively quiet for the past two days, printing small candles with sideways motion. With RSI bouncing above 50 and Stoch RSI on up trend, bulls still have strength opportunity here for a leg up.
It may be up to the Eastern markets to take this task. Should we jump up, $8700 USD remains the goal, as stated above. Break down, we have the Kijun around $7800 USD, my proposed support I mentioned.
Posted from my blog with SteemPress : http://coinsholar.vornix.blog/2018/07/30/btc-usd-7-29-leg-up-to-8700/
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