#BTCUPDATE - 3.8.21 NEEDED CORRECTION IN PLAY
I would not see this is particularly bearish movement but more of a needed correction. There could be a bit of manipulation happening to drive market down whilst potentially new German institutions are wanting to come in and play.
We are in a confirmed downward channel and trying to find support - getting back above $35.5k is positive and a pretty key support. Breaking will take us to $37.6k and then onto $36.3k if that doesnt hold.
A bounce here can take us quite quickly up to $40k again.
My play is to wait it out and if losing $37.6k then to short to $36.3k. Breaking up on the $39.3k should lead to $40k.
There is a bullish divergence printed on the 1hr coupled with the Key Support could indicate a strong bullish #bounce here.
