Unfortunately for the bitcoin bulls the market continues to respond well to the technicals which remain overwhelmingly bearish at this time which is why it comes as no surprise that prices are moving steadily lower right now.

As expected there were a few retests of sub-3800 $ levels yesterday due to what were still quite bearish technicals, one of which established a new local low at the 3730 $ level...

No surprises in the bitcoin markets over the past 24 hours given price has been consolidating in rather bullish fashion above the psychologically significant 4000 $ level...

The bloodbath in the bitcoin markets continued well into the early morning hours in the US as we expected, reaching down to a new cycle low of 4237 $ on large volume...

We will consider a LONG position on a selloff back down to the 0.0XXX - 0.0XXX level

The bears have certainly been taking advantage of their renewed strength over the past 24 hours considering the 5500 $ area that we spoke at length about yesterday was broken quite quickly and easily...