Bitcoin Price Analysis: $8K Falls as Bulls Pin Hopes on Ascending Triangle

From bitcoinist.com

Today, ramped up selling pressure has extended Bitcoin’s distance from the psychological level by $200, leaving bullish traders fighting to defend the $7,800. Looking back at the BTC/USD 30-minute chart we released yesterday, we can see that the price managed to breakout of the downtrending channel during the late hours of May 21, and rally all the way to the 1.272 fibonacci extension level at $8,105 before correcting. From there, the asset found new support along the 1.0 fibonacci level until midday today (UTC+1 time), when bear traders forced the price action back into the downtrending channel. Looking at bitcoin ... (full story)