Market short term is neutral, intermediate term is down, long term is down. I went long a few days ago actually, my accessment is based on LTC/BTC correlation and how LTC leads BTC . I believe short term will follow LTC and we will be bouncing to test higher levels. As I type this, there is a 3k wall on bitfinex. We'll see if the bears win again. As a trader, I am wrong all the time, but as long as the trade has good risk/reward ratio and are likely to reach target, that is all it matters.
I do bitcoin market updates and live trades daily . Follow me on my bitcoin trading blog and twitter: ibankbitcoins.com, http://www.twitter.com/ibankbitcoins