A $300 drop sounds problematic in a traditional market, but the sentiment is not the same when it comes to Bitcoin. The digital currency, in the past week, rose over 39% against the U. S. Dollar to eventually establish 8511-fiat as its new weekly high. The upside is credited to serious sellers exiting the market, leaving behind the holders and intraday players to buy the token cheap. In the past 24 hours, however, the BTC/USD has slipped to as low as 8165-fiat, owing to an unavoidable correction phase. So, is the drop any serious in near-term? Or is there going to be a bounce back towards 8500-fiat? Let’s check out in today’s intraday analysis. BTCUSD Technical Indicators15-minute Bitcoin chart, BitFinex, TradingView.comAccording to the 15-minute BitFinex chart, the BTC/USD is in place with an ascending trend line (indicated in purple) with support near 8161-fiat. The pair has slipped below its 50 and 100-H SMA (in blues) following the latest bearish correction but manages a strong foothold above its 200H SMA (in orange), also coinciding with the current Fibonacci support zone at 23.6% level (~$8,062). Meanwhile, the RSI and Stochs have undergone an impressive recovery since their oversold positions. They both are now consolidating in what we call a neutral sentiment zone. The price action needs to break strong support levels in order to establish a near-term bearish bias. First, a strong support lies near 8161-fiat which, if broken, could prompt price to test 200H MA as the next immediate support. At the same time, any pullback from the aforementioned support levels will bring Bitcoin price to the bullish zone. There is a clear bias conflict. BTCUSD Intraday PositionsAccording to our intraday analysis, the BTC/USD pair is now in a range which is defined by 8161-fiat as interim support, and 8511-fiat as interim resistance. The price is currently consolidating within this well-spaced range, which enables us to begin with our intrarange strategy. The strategy prompts us to put a long position towards the resistance in the event of a bounce back from support, and a short position towards the support, should the price retreats from resistance. That said, a bounce back from 8161-fiat will allow us to put a long towards 8511-fiat. A stop-loss near 8155-fiat will protect us from any extended bearish action. Similarly, a pullback from 8511-fiat will have us put a short towards 8161-fiat, while keeping a stop loss near 8520 to define our risk. Breakout Scenario: In case our range gets invalidated, we will switch to our breakout strategy. So, a break below support at 8161 will have us put a short position towards 8063-fiat, our 23.6% Fibonacci level. A stop loss at 8165-fiat will protect us from volatile bias reversal. Similarly, a break above 8511-fiat will open long opportunities towards our next upside target at 8600-fiat. A stop loss at 8505-fiat will have us exit our position on a minor loss. ConclusionDespite the massive drop, the Bitcoin is comforted by its 200H MA – strong support – that could incite another rally towards the 8511-high. Have a great intraday. Click here for a real-time bitcoin price chart. Featured image from Shutterstock