We failed to close above the 200 day and we just got a very bad death cross, both signalling an upcoming hard sell.
We'll see $6000 real soon and i think we'll drop much lower even.
Thoughts? Why has bitcoin failed again to recover? MtGox? Governments? Criminals selling off?
I wouldn't focus too much on TA in that case.
Remember we were going up for 2 years. So we are just retracing for about 3 months now, this is nothing!
Although we know anything can happen with Bitcoin, therefore the honeybadgers decides to moon out of nothing, I wouldn't be surprised to see a few more months of consolidation with some minor up and down swings in a range of 6-10k. Even new lows aren't out of question for me.
If you're in for long just hold and wait until the market reverses. So far we're still in a bear market.