As we can see on this 1H candle chart, Bitcoin has been trading in a range from $8,100 - $8,300 since 25th of July. A breakout through resistance was quickly reversed, and even more importantly ETF rejection FUD led Bitcoin to drop through support but was bought up quickly, which is a good bullish sign.
This trading range will be put into test quite soon, as downtrend line is approaching. If we do break through $8,100 support, and fib 0.618, there is a high probability for sell off until $7,500 - many buyers are waiting to enter at this lower round number price.
In case we get a breakout all the way through resistance at $8,470 and retest it as a support there is a high probability setup to go long up until $9,100.
Have alerts set up at $8,100 and $8,300 to be on time for price action and act accordingly! THANKS
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