As of today, we can clearly see a bear flag forming on the daily. This is bearish and a continuation pattern. Take a look at the bear flag pattern, also check out the bull flag trading pattern which is better explained. As a trend following trader, I am short and I will continue to follow the trend religiously. I do not know if bears have enough selling pressure to push to new lows below 210. For the bull case, there are a lot of shorts on BFXdata. Some are expecting a bounce to higher levels before resuming the trend. In addition, 215 or so is pretty strong support for bitcoin, it has bounced multiple times on strong volume.
If you don't know what I mean by following the trend religiously. Please read the followign excerpt by Jesse Livermore if you havn't already.
I do live trades and bitcoin market analysis daily. Follow me on my bitcoin trading blog and twitter: ibankbitcoins.com, twitter.com/ibankbitcoins
I'm also very bearish since this idiotic rally in early May, where the market was never before so close to breaking the downtrend and then missed it by only 1-2 days still staying above 1500 CNY. So basically the market deserves no better than going down to $1, but we are at two bottoms. At the four year bottom and 90% at a multi-week bottom. So I think up is more likely, because there is less resistance now that many bagholders have sold below 1400 CNY.