SUMMARY
Over the past few weeks there has been thousands of people attempting to speculate the bottom of this bearish run after reaching all time highs during the Christmas period. Earlier last week, in my blog i suggested that we could see a move below $7,000 again, over the week we saw price strongly break below this area of support with price current trading at $6,729.
The huge bearish move over the weekend signifies the power the bears have at the current time in the market. I believe we could still see price move lower with the next major area of support being found between $6,630 - $6,410. It is unlikely that we will see a reversal or even a stall in this bearish movement until we reach these levels.
The last time we saw price trading at this level, it was after a sharp bearish movement, similar to what we saw over the weekend. The long term is still very bullish for the Bitcoin project, I believe we will see price recover slowly after it finds the bottom of this trend and develops a strong reversal.
Where do you see price finding its bottom at? leave your thoughts in the comments!
