The market is oversold, so IMO a local bottom is in or will be in tomorrow, unless there's other unknown reason than TA for the dumping.
Daily MACD just crossed into negative, but this isn't too bearish if if will recover soon. On the contrary, it could provide a good entry point when it will cross back into positive.
I am expecting the market to build a triangle, that could take about a month to resolve up or down. If up, then slowly moving (at first) towards ~30 k$.
If it will break down, then probably we'll see a final bottom around 5,000 $.
Daily MACD just crossed into negative, but this isn't too bearish if if will recover soon. On the contrary, it could provide a good entry point when it will cross back into positive.
I am expecting the market to build a triangle, that could take about a month to resolve up or down. If up, then slowly moving (at first) towards ~30 k$.
If it will break down, then probably we'll see a final bottom around 5,000 $.
Did you use RSI when you said "market is oversold" - because RSI hitting 20 doesn't mean it's goin back up immediately. It could be there for weeks
In the 24h and 12h time frames, the market is oversold. In BTC trading, unless a bear market is confirmed, it doesn't stay oversold for long.
OK - how do you define a BTC bear market. Below 200d avg?
If Mt Gox keeps selling rest of holding at spot market I'm pretty sure it will be a bear market