We only need to look at the 4 hour to see where we are. The resistance at $8730 held strong again and this is not a good sign for Bitcoin. The MACD crossed to the downside. Near term support is where we are at now at $8400. It is holding there on average volume. The RSI continues to move down. The technicals show further deterioration. If the near term support is broken then it is critical that $7790 holds. The 24 hour spread is around $400 and thus is not worth the risk so we are in cash.
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(We are not professional traders this is just our opinion. The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.)