Bitcoin Price Weekly Analysis –Recent BTC/USD Slide Looks Dangerous

Key Points

  • Bitcoin price was crushed today against the US Dollar and looks set for more declines in the near term.
  • There was a major bullish trend line formed on the 4-hours chart (data feed from Bitstamp) of BTC/USD, which was broken during the downside move.
  • There was also a bearish flag pattern on the same chart, which was cleared to open the doors for more losses.

Bitcoin price failed to sustain the bullish bias against the US Dollar and moved down. Is a test of $620 in BTC/USD possible in the short term?

Bitcoin Price Break?

Bitcoin price after a ride towards the $680 level against the US Dollar failed and started moving down. This past week was mostly ranging moves for the BTC/USD pair. However, today the price found a lot of sellers and sharply moved down. During the downside move, the price broke a couple of important support levels, which opened the doors for more losses in the near term.

First, a major bullish trend line formed on the 4-hours chart (data feed from Bitstamp) of BTC/USD was cleared. Second, there was also a bearish flag pattern cleared, signaling a start of a downside ride. Once there was a break of the

Read more ... source: TheBitcoinNews

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