Bitcoin crashed hard yesterday, going down by nearly 11% in the last 24 hours after negative remarks from the US Congress hearing and SEC. Rep. Brad Sherman called Cryptocurrencies a crook and a tool for terrorists and tax evasion. This news did not go well with the market was already on a downtrend for the past week.
Bitcoin has a solid support at $7,800 which has been tested on multiple instances in past. Though Bitcoin has been crashing hard, its long-term upward trend is still intact.
Also, Bitcoin might have a hard resistance at $11,400 which was rejected twice in the past month. But with enough volume, this resistance can be broken. Expect some horizontal movement between the support and resistance unless there is some news which changes this.
Now is a good time to go long with a leverage and set stop-loss at around $7,800. Book your profits between $11,000 and $11,400.