On an hourly chart, BTC/USD pair is trending on a sideways trend contained by a horizontal price channel as indicated by the intertwining Moving Averages.
During the last 24hrs, BTC/USD pair exhibited a bullish outlook. Despite BTC beginning the day trading at $7942.71 against the current price $8160.07, a strong selling pressure followed.
The strong selling pressure resulted in a dip in price action that dropped to a low of $7935.23 (B); period of Consolidation later follows indicating equality in forces of supply and demand by traders. Resistance level (R) is
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