China news source Caixin is out with a headline saying that China is said planning to shut local bitcoin exchanges.

The price of bitcoin has moved lower on the news and trades below the 100 and 200 hour MAs (blue and green lines). The trend line below comes in at $4262. That is the next target. The 38.2% comes in at $3959.55.

Source: http://www.forexlive.com/news/!/caixin-china-is-said-planning-to-shut-local-bitcoin-exchanges-20170908

Source: http://finance.caixin.com/2017-09-08/101142797.html