Sawcruhteez

BTC:USD 4 hour chart DAILY UPDATE (day 39)

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BITSTAMP:BTCUSD   比特幣
Yesterday I remained fully bearish as we broke down through the longer term bull trend (green dotted line) as well as the $7,000 horizontal support.

The lack of capitulation is the #1 reason I am confident this bear market is not over. Before this market reverses we are going to need some serious capitulation where the price drops $1,000+ in a couple hours and reverses just as quickly.

I am hoping for that to come sooner rather than later. It could be just right around the corner. If the price breaks down and create a new local low (below $6,500) then we should see a lot of volume from the sellers. Panicked sellers tanking the market down to $5,000 is just what I think we need.

Until that happens I expect the slow and painful grind downward to continue.

Keep your head up and happy trading!

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