Bitcoin's price on the daily's has been squeezing and finding support at the 8 for the last few days and today the price wicked down to that level, again. I see two likely scenarios from here, the longer this squeeze continues. We either see price breakout to the upside, or, most likely is that BTC breaks support at the 8 . However, If that happens, I think BTC will find support at the 21 , currently, $8,800, which could be just what it needs to get some upward momentum going again. It may just wick down to the 21 .
The weekly chart has been indicating that we could be seeing a market bottom, if BTC can maintain its current levels;