- Bitcoin is once again lower today but bulls are building a base at 7,814.08.
- The level to break is once again the psychological 8,000 mark.
On the thirty-minute intraday BTC/USD chart there is a clear downward channel forming. Volume activity has picked up as bulls try and form a base but it could still be vulnerable.
The low of 7,814.08 is now key as if it breaks we could be in for a free fall to the main support low of 7,701.00.
If the price manages to get above the 7,950.98 resistance level the 8K psychological resistance is next.
It seems there is nothing but traffic on the way up at the moment. Of course, there is the channel resistance to watch for too.
The relative strength index (RSI) has pulled away from the oversold lows but bears may be looking for another push after a small retracement.
Most of the volume spikes on the hourly chart are when the price moves lower and this indicates that the bears are still in control.
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