Bitcoin Drifts Down as Price Breaks Below Key $7.8K Support

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 above chart shows:

Topside resistance began at $7,987, with the 55-period exponential moving average acting as a barrier.
Prices quickly fell away from between $7,987 and $7,802 with a massive spike in sell volume.
A cascading downside break from the trading range - bearish pattern
RSI is oversold at 22.9l; it could either turn bearish by dropping lower or it could create a bullish divergence whereby prices continue to drop from the previous hours but the RSI creates a higher high.
Extenuated bearish MACD - the extension created from the sell-off risks a possible drop further as the bearish histogram continues to play out.