Bitcoin Price Update: Flirting With Key Support

Bitcoin is currently trading near $8,130 – the support of the trendline rising from lows seen on Jan. 3 and Jan. 10, as seen on the chart below. 

4H chart

A bounce from the rising trendline, if followed by a break above $8,218, would signal an extension of the rally from lows near $6,900 hit on Jan. 3 and will likely bring a rise to $8,400.

However, if the trendline is violated, the pair may head to $7,900-$7,828 (38.2% Fib Retracement). 

The indicators have already rolled over in favor of the bearish. The RSI is showing a contracting triangle breakdown and the MACD histogram is printing bars below the zero line.