Bitcoin had a nice rally from 300 to 400 but now we are back to what it has been doing best since January a continuation of it's decline.

Currently 340 acts as a base of support while 360 seems to have settled for resistance at least on one exchange Bitstamp. I see this declining in the coming weeks because the market failed to sustain 400 while only a weak attempt at 420 was made. Keep an eye out on the 340 base if this gets taken out and we hold under this I see 250 coming within weeks or a month.

The issue here is a matter of volume the market doesn't have enough to sustain and hold any decent rallies as traders look to take profit. In the good old days traders would simply buy and sell Bitcoins to one another now however traders could care less if Bitcoin rises or falls because money can be made on either side of the trade with short selling.

796, okcoin futures, Bitfinex just to name a few have now made it profitable for traders to be bearish on Bitcoin. You need to take note that in a futures market with high liquidity it has a bearing on the price of an underlying asset in this case Bitcoin so this could have an impact on the market price.

The current Bearish sentiment is 250/190 and if a miracle in bullish volume were to happen 420.  The weekly s1 pivot is 340 and the r1 is 380, we have now done the 50% retracement so where traders decide to go next will be interesting in the coming days.