What else could be said? we are in a bear market. The recent rise to $9,000 was followed by low volume, which indicates that unlike the rallies from December, a very small amount of money entered the market.
The support area at $7,300 – $7,500 didn’t hold for a long while and during recent hours we’ve suffered a severe wash-out to the $6,600 levels. The long-term descending trend line along with the good news coming from Okex exchange about a rollback, triggered the market for a V-bottom back to where we are at now (as writing these lines). Is this the end of the current session? the next hours will tell.
From here, we will probably test the $7,300 support-turned resistance area (which is also the %38.2 Fibonacci retracement level). Breaking through and we’ll face the $7,800 – 8,000 zone. The market is still considered bearish. Until we see decent amount of money entering in, we see every wave up as a correction only.
From the bear side – if $6,600 and the descending line will not hold – the $6,000 area where market found support at the low of Feb.6 is next to be tested.
BTC/USD BitFinex 4 Hours chart