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  • Cryptocurrencies sold off again today and the bulls found support at 7,500.
  • Now the channel has broken to the downside the bottom of the structure could be a resistance.

BTC/USD 4-Hour Chart

Bitcoin sold off earlier in the EU session but has now consolidated above 7,500.00

The old channel formation has now become invalidated but the bottom channel line could be a resistance level.

7,800 is also a resistance level to keep an eye on.

On the downside support holds at 7,300.53, beyond that 7,296.44 is the main support level.

The fall of the psychological  8K level was disappointing for the bulls but it’s not the end of the world as long as 7,296.44 holds.

Bitcoin Analysis

Additional Levels