The bulls continue to struggle to break downward momentum.
Positive Scenario : The bulls get some good news and break the now resistant 0.618 fib level, 100 day moving average, and near term down trend and try to test the 0.5 fib level at around $12,800. If they can break these three big resistance levels we may see the beginnings of an early stage trend reversal.
Negative Scenario: The bulls fail to breakout this trifecta if resistance and the bears continue to pull the price of BTC down towards the 0.786 fib level around $8,620 and 200 day moving average.
My View : The market feels very uncertain at the moment and highly susceptible to FUD out of Asia and regulators across the globe. I would say it is more then likely that the bulls will fail in the short term and we may test the long talked about $8,000 range. However, unexpected good news could invalidate that view at any moment. In addition, even if prices do drop to the $8,000 range, I believe strong hands and heavy support will catch the falling price.
Disclaimer: This is not financial advise or guidance in any way shape or form. The opinions mentioned above are meant for education purposes only.