The Bitcoin bulls need to break $8,400 for more upside on the daily chart and to help form a weekly equilibrium pattern. If they lose the hourly higher lows that will be a sign for the bulls to be cautious. However, there have been quite a few fakeouts lately, with 5 minute candle bursts followed by longer consolidation. This is due to low liquidity. Traders with large amounts of capital can move the price much quicker in this environment.
Bitcoin Hourly Chart:
