Bitcoin Technical  Analysis: BTC/USD comes crashing down, after failing once again to break rising channel to the upside

• Bitcoin comes crashing down by as much 5% in the session on Wednesday, large cooling seen across the board.
• BTC/USD bulls failed to break through the rising channel pattern, after another rejection.  
• Perhaps a flushing of buyers prior to a return of the bull run, time will tell, as there was a general high expectation for the month of September across the market.  

BTC/USD 4-hour chart  

Spot rate:                    7000.0

Relative change:        -4.48%

High:                           7404.0

Low:                            6921.5

Trend:                         Bearish

Support 1:                   6860.1, 100MA and demand area.  

Support    2:                  6812.7,  lower part of rising channel.  

Support    3:                  6720.0, consolidation area 26-27 Aug, before bull run.

Resistance 1:              7120.0, top area 29th August.  

Resistance 2:             7445.5, upper part of rising channel.

Resistance 3:             7509.0, big  psychological  resistance.