Bitcoin down on the day after rally fizzles

Below $8000

The price of bitcoin is trading back lower on the day. The high reached $8088 on a modest rally off the low at $7727. That is a $361 dollar range.  That is not a lot. So the weakness seen now, gives the bears an advantage – especially if you expect a widening of the range today.  

The digital currency is trading back below the $8000 level at $7905. That is down -$83 on the day.  

Targets include the swing lows at $7666 and $7315. In between is a lower trend line on the hourly chart above at $7546.