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?
Bitcoin is well above $6k which was the lowest of the low. So it has recovered, it has not failed to recover as you have suggested.
I agree, we may be seeing $6k soon but that's going to be temporary. The price should again recover to at least $8-9k if the price does hit $6k, but for now, I think it's just a short correction that will stop as soon as the $9.3k resistance is broken.
2018 was never expected to be bullish, anyways.
I mean what else do you expect coming off a year where BTC's price grew 2000%. Do you expect the exact same thing to happen? Come on, obviously there's got to be some profit takers and corrections to consolidate the price to a more reasonable level. And that's exactly what's happening right now. Nothing surprising. But the process is definitely sped up via all the new regulations coming out that is scaring the crap out of traders.