The Last Support

Being "Long Term Bullish" is no excuse to ignore the bear market signals.

Last weekend I made a mistake on timing the move from "this weekend" instead of "this week." The charts still proceeded in the pattern. The failure to stay above 500 brings us back down to the midpoint of the rally. Now, price could hold here to go back up or break to retest the low.

The bear market remains intact. As expected, bearish news from China will be blamed. Traders have observed since there have been markets that bearish news in bear markets will cause crashes while bullish news will be completely ignored; and vice versa.

Price must hold 446 if it is going to get back to and above 500. If it breaks price will retest the low and the bearish market has a high probability of breaking it. If it holds price will find resistance at 525 again. However, I am not long at 446... there is not a significant enough probability on the charts to take the trade for price to hold here. BTCCNY has also broken it's corresponding level.