Analyst: bitcoin is the seventh day in a row sandwiched in the range of $7500-8100

According to the observations of the analyst CoinDesk Omkara of Godbole, price «digital gold» for seven days wedged in the range of $7500-8100, the output of which will open up doors to around $8500.

At this timeframe the first crypto currency is moving within the descending channel, out of which in the upstream direction, when a sharp rise in trading volume.

However, trading activity is currently low. In addition, the downward slope of the moving average (MA) indicates a high probability of falling below $7500 in the next few days. If this level of support will not stand, the price will likely fall below $7000.

The price of the first crypto-currencies once again are unable to reliably fixate above the key level of $8,000 and is currently trading below 30-day MA. This situation indicates a clear predominance of bears, and the prospect of continued downward correction. On the other hand, a further decline could stop the support in the neighborhood of $7500.

Currently, BTC is trading around $7815, the last day the average rate of bitcoin has dipped by 1.8%.

The four-hour chart

Chart BTC/USD exchanges are Bitstamp from TradingView

On a smaller timeframe, you can see the price slowly descends downward channel. It is quite a solid support level formed at $7500, which was the last time the price rebounded on Monday, June 10.

Along with falling volumes, the bearish sentiment is exacerbated by the downward slope of the MA 50, which on June 7 crossed top-down 100 MA.

For a radical change of sentiment must price amid high trading volumes to break the upper channel line, currently passing through the mark of $8050.

Weekly chart

Chart BTC/USD exchanges are Bitstamp from TradingView

Previous weekly candle has closed below $8000, confirming the bearish signal coming in front of her «doji-dragonfly». Currently, the bulls are still from time to time attempting to gain a foothold above the key resistance level corresponding to the minimum of the candle «doji».

Failure rates below $7500 will give strength to sellers and increase the probability of further decline to around $7000.

Recall, many other analysts also believe that in the short term bitcoin price will continue a downward correction.

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