The price of bitcoin has moved to a new low for the day, week, and month and traded at the lowest level since March 17.

Looking at the 4-hour chart, the price this week also fell below a neckline of a head and shoulder formation.

On the downside, the 38.2% retracement of the move up from the November 22 low would target $25,071. Ahead of that would be swing highs going back to February around the $25,270 level. Move below the 38.2% and the door opens for more selling momentum.

Moving back above the $27,000 level would probably disappoint sellers, and back above the broken neckline would also hurt the sellers looking for more follow-through selling off of the head and shoulders break.

This article was written by Greg Michalowski at www.forexlive.com.