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Author Topic: [2016-07-31]Bitcoin Price Weekly Analysis –Recent BTC/USD Slide Looks Dangerous  (Read 145 times)
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July 31, 2016, 10:15:42 AM

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.
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