Bitcoin Price Recovery Stalls

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Many Bitcoin traders believe that this was an isolated liquidation dip caused by "reasons" such as MtGox and Germany. This price movement is part of a broader picture (below) and while many hoped to see 60k recaptured this weekend it does not seem that will be the case. Futures markets will open in a few hours and last for the last two weeks the Sunday-Monday action has been that of holding resistance and continuing lower.


In the bigger picture Bitcoin is still well within its new bearish trend. Price found support last week at a key level; the 50% Retracement of the ETF launch rally. However, as seen above, it failed to recapture the liquidation low of June 24th which was the dip that plunged Bitcoin into the confirmed bearish trend.

Be sure to catch up on the level by level analysis over the last few weeks and where I analyze Support will finally be in my posts linked below.