Yesterday I remained fully bearish as we broke down through the longer term bull trend (green dotted line) as well as the $7,000 horizontal support.
The lack of capitulation is the #1 reason I am confident this bear market is not over. Before this market reverses we are going to need some serious capitulation where the price drops $1,000+ in a couple hours and reverses just as quickly.
I am hoping for that to come sooner rather than later. It could be just right around the corner. If the price breaks down and create a new local low (below $6,500) then we should see a lot of volume from the sellers. Panicked sellers tanking the market down to $5,000 is just what I think we need.
Until that happens I expect the slow and painful grind downward to continue.