BTC is forming an obvious H&S on the hourly chart. Though it is a small H&S it appears to be setting up to be the potential nail in the coffin in terms of breaking the two and a half month long uptrend channel that we have all been watching so closely. There is mild support at 8700, but because channel is broken, it wouldn't be surprising to see a drop to around 8450 when we hit the new down trend line.
Comment:
notice that the green support zone is also forming a neck line for a larger H&S, further supporting a drop to around 8450.