Bitcoin is under slight downside pressure in early week trade after being technically rejected just before the $8,000 resistance level. The BTCUSD pair was rejected from the top of a large falling wedge pattern on the daily time frame, currently located around the $7,800 level. Going, buyers need to maintain daily price closes above the $7,300 level to encourage another potential wedge breakout.
• The BTCUSD pair is only bullish while trading above the $7,300 level, key resistance is located at the $7,800 and $8,200 levels. • If the BTCUSD pair trades under the $7,300 level, sellers may test towards the $6,850 and $6,600 support levels.