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 flag pattern, the price immediately went down from $655 to $630. Moreover, it also broke the 50% Fib retracement level of the last wave from the $606 low to $682 high.
http://www.newsbtc.com/2016/07/31/bitcoin-price-weekly-analysis-recent-btcusd-slide-looks-dangerous/
