As anticipated, +-8420 level presented relevant resistance to BTCUSD, which is now retracing around blue average on 305 min chart. Uptrend is still pretty much in place, and we can expect a bounce and another attempt at higher levels, eg. 8600, which remains a likely top for current move (with a possible stretch to 8800 level), and suggesting a stronger correction, afterwards.
Attention points remain approximately the same as previous study:
Marked areas;
Touch to averages and horizontal lines;
Break of uptrend line (blue);
Margin enhanced volume showing margin positions being closed on the way up, mostly longs - but also a few shorts.
If considering going long, verify if target provides a risk/return ratio worth trying (minimum 1:3). Shorting against upward moving averages is also not recommended.
To clarify the point on Margin Enhanced volume: closing of longs have been more prominent on the way up. Shorts closing played a role as well, but way less from Jan, 4th onwards. In any case, we can see a clear decrease in open interest from Bitfinex margin traders (black line in the chart below), implying less confidence in current uptrend.