The trading range from 41500 down to 28800 is once again in play. The market has settled back into this range, but has yet to retest the bottom of the range. Currently there is a 2-day balance area forming at the top of the range, after Friday's breakout through the downward trendline from all time highs. I'm not looking for a breakout here. I expect the market to auction down through the range in the coming weeks, finding buyers near the bottom. The fact that the market has once again returned to this range leads me to believe that this is currently the fair market value for Bitcoin.
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Boy was that ever a bull trap up there. Looking like we need to test through 30k again this spring to find a floor. If that doesn't hold, lookout below. I think however that 28500 should again provide firm support with strong buying rejection of any auction probe down into that level.