Key Points

  • Bitcoin price after trading close to the $682-84 levels against the US Dollar found sellers, and moved down.
  • There were a couple of bullish trend lines formed on the 4-hours chart (data feed from Bitstamp) of BTC/USD, which were broken during the downside move.
  • The price is also below the 100 simple moving average on the 4-hours chart, calling for more losses in the short term.

Bitcoin price failed to trade towards $700 against the US Dollar, and it looks like the price is setting up for a decline moving ahead.

Bitcoin Price Sell?

Bitcoin price this past week traded towards the $685 level against the US Dollar, but failed to retain the bullish bias, and started to trade down. It broke the 23.6% Fib retracement level of the last wave from the $606 low to $682 high, which opened the gates for more declines in the short term.

Furthermore, during the downside move, the BTC/USD pair broke a couple of important support area. First, there were a couple of bullish trend lines…

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