My second support of $350 held so far. The market refused to go lower for now.
Bitfinex hit: $352.5
Okcoin.com Spot: $351.26
Bear in mind, for the market to have a slight chance for the megabull to occur has passed, the likeliness of a megabull to occur is less than %20 imo for the below reasons:
1. Double top at 500/470 with a long chance for the bulls to break up 1 month ++
2. Megabulls in the past resolved up after 36 days of consolidation. In our last recent case, this 36 days consolidation resolved down instead for the FIRST TIME EVER for Bitcoin
3. My 4th touch of death bearish scenario occurred at $425 - see my previous chart explaining this phenomenon in BTC (we went below or touched $425 3 times - triple bottom, on the 4th visit we broke down with a $100 wash out from 450 to 350)
4. We have a new set of ATH added now as 500/470 (confirmed by breaking down from $400 see my tweet) compared to 1170/980, 680/660.
5. If the bulls were able to pump back this sell-off from 350 up above 415 within 2 days then it would have been a trap wick and the bulls would have conitnued that huge huge cup that we have been forming for more than a year in a round bottom.
On that note, I am leaning cautiously bearish until April - July 2016 and until that community division with the block size / transactions gets resolved. Imo their will not be a megabull until this is resolved.
What's next in my opinion, of the below scenario:
A. If you have followed my twitter you would know I have compared and followed the comparison between Gold and Bitcoin for a while. I called $350 the bottom and so far it has worked. What's next?