BTC has potential to go to $8700 if we break back above $8500

Based on the previous price movements we can now either see a leg up to $8700 coming around the corner or very easily if the old resistance of $8300 is breached we can go back to or below $8000. My trade today is long btc however I have bought a couple of put options contracts in the event of a major step back. Btc is known for these types of sporadic moves during an increase in price, some days goes up $2000 and then next day down $1000 only to go up the next day by $3000, this is Btc not a stock or controlled commodity. I remain long on Btc with caution.