As usual, zooming out to higher time frames can provide more clarity. In a little over two hours there will be more information available:
- Can the daily close above the 200 (8701)?
- Can the 2-day close above the 100 (8703)?
- Can the 3-day close above the 10 (8707)?
So, if BTCUSD fails to get back over 8700 at the daily close, there's an easily manageable short opportunity here: we could enter as near to the 200 as possible with a stop-loss above either the 200 , the 21 , or the death cross depending on risk appetite. Our profit target would be the around 8200, with a possibility to take some early profit around 8550.