BTC bulls have been on fire, but after such a big run, we have thin order books in both directions. This means there is a lack of support when selling pressure kicks in, and as an example we dropped $400 and 5% last night in under 2 hours. This certainly is concerning for bulls, but fortunately the dip was significantly bought. We are now looking for an hourly lower high to be set on the declining bounce volume, and then a higher low to form after consolidation. The break of the hourly equilibrium will dictate momentum heading into the weekend. Break $8,000 and we will look for $8,250 quickly.
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