BITCOIN DROPPED

Bitcoin during the seven days dropped to a significant low breaking the psychological four digit price point, However, dollar weakness has allowed bitcoin price to recover somewhat after the US Congress failed to pass a bill on healthcare reform, something that is necessary to fund their other fiscal policy changes.
The 100 SMA is above the longer-term 200 SMA, which means that the path of least resistance is to the upside. In addition, the short-term 100 SMA is just above the channel support at the $1000 major psychological level, adding to its strength as a floor. A larger correction could last until the 200 SMA at $990.

Stochastic is heading south so bitcoin price might follow suit. This suggests that the current resistance around $1050 is likely to keep gains in check. RSI is also turning lower to indicate that sellers are in control of price action. Stochastic is already approaching the oversold area to indicate exhaustion among bears, possibly drawing buyers back to the game once the oscillator turns back up.