Not too many notable Bitcoin development to crdible to move its prices for the past week. The market fundamental is largely related to the geopolitical buildup in Europe as well as the possible Federal Reserve fiscal and monetary stimulus. And ECB meeting coming Thursday maybe carried little weight as traders discounted any major suprises. Nonetheless, Euro zone continue to be major risk factor with the Greece debt re-emerged yet again and the bearings of Quantitative easing program.
Technically, the price moving into a bearish momentum especially on the weekend. It touched the 748.60 and reclaimed partially its lose zone. Now the price lingering around 755-756 levels. In the proces formed a lower support zone at 750-755 band. The RSI seen having a slight lower turn which indicate stronger selling pressure. We should look into 748-751 zone closely, as there is the level where many traders would decide to short or long in the immediate term.
In the bigger picture, BTCUSD is well inside the long term bullish channel. Therefore, the price could on the bullish move but sellers will emerged from some key price points especially below 800. Moreover, the US dollar sentiments are weighting into the movement of BTC in the short term period.
Remember: The author is a trader who is subject to all manner of error in judgement. Do your own research, and be prepared to take full responsibility for your own trades.