SUMMARY
Over the past week we have seen Bitcoin rally, with the bulls pushing prices as high as $7,770 just two days ago. The short term uptrend finished there, with the market developing a strong bearish engulfing candle on the daily charts to signal the bears have taken control of the market again and the market will reverse from the short term uptrend we saw.
The previous two daily candles have been very bearish, with the first being an engulfing candle to signal the reversal of trend. The bears have regained controlled and could easily push price back down to the $7,077 region and create a double bottom if its able to find support. The only region that price may stall with its current bearish momentum will be at $7,280 where price previous stalled.
Although the short term scenario is looking more and more likely to reach the $7,000 region, I believe Bitcoin price will slowly regain strength and value once price is able to find the bottom of this bearish run. It is almost impossible to predict the exact bottom of this trend, however it is very likely prices could find strong support between the $6,900 - $6,400 region.
Where do you think the bottom of this bearish run will be? Leave your thoughts in the comments!