Below $ 7.8K support has been sold below the price brakes

2018-8-1 10:13

At press time, BTC is changing hands at $7,536 on Bitfinex, down 6.9 percent on the day, a figure that also finds the price breaking a key support level at $7,800.
The world’s largest cryptocurrency by market capitalization has been largely confined to a narrow price range of $7,673–$7,800, since it broke $8,000 yesterday.
However, mounting sell volume continues to apply downward pressure, presenting a bleak outlook for bulls looking to take back the reins.
Hourly Chart

For those eyeing the charts, the extenuated bearish MACD demonstrates high price volatility and negative price action with the signal line (orange line) continuing to plow under.
This would create a short-term rebound whereby price action would need to be reassessed.

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