As per Sunday's post, BTCUSD has broken out of a falling wedge and despite recent weakness, I still expect a return to the origin point at $10000 to be the next major development.
Pair sold off pretty consistently through Monday and earlier today, but I'm sensing this weakness was just corrective and is now overplayed. We now have a rising trend-line connecting the early April lows to the recent higher low above 7900 and this is coming up fast:
We also have the makings of an inverse head and shoulders reversal pattern on the hourly and I'm looking for a bounce around here as the right shoulder rounds out:
Initial support comes in around 8150, with further support below there marked by the rising trend-line above 8100. I'd be surprised if the latter goes, though I remain bullish above 7900 regardless.