Looking at our highest timeframe we see price has broke it’s uptrend from March back in May. Price has since been in a bear market, stochastic rsi showing momentum continuing towards the downside. Expecting a drop towards 575 if we do not hold at this level.
Shifting over to our pattern timeframe we see price is respecting a bearish channel, DNT has pierced our major support zone. Stochastic RSI showing momentum is extremely bearish with no signs of slowing down. Next major support level at 550-575 satoshis.
Finally looking at our trigger timeframe we see price has broken and close below our major support zone. Stochastic RSI showing momentum is heading towards the upside, however price action is showing otherwise. A 4hour close above 750 activates our trade, however if we fail to close above this level expect the sell off to continue.
Conclusion
Wait for the drop towards 550 / 4Hour close above 750
