Components of the bear market:
1. Millions of coins need to be capitulated. Major profit taking starts when 1W MACD goes down, and doesn't stop until the profit taking is done, despite any news.
2. Hackers have stolen and are dumping coins.
3. China has banned banks and 3rd party payment processors dealing in bitcoin and there was no sudden influx of investors in China on Jan 31 or Feb 8.
4. Russia has outright banned bitcoin.
5. Cyprus issued a bank advisory and btce is potentially at risk.
6. India.
7. Apple removed bitcoin from the app store.
8. Some of what were thought of as major exchanges were weak enough to flashcrash to $100 when the shit hit the fan - this is never before seen.
9. Flaws on Bitfinex have been exploited, traders on Bitfinex have lost money. The staff at Bitfinex showed themselves as bad at responding to issues and unfit to be running an exchange.
10. The market has realized bitcoin and bitcoin service usage is not 100% safe and subject to potential security flaws.
11. The foundation members are not entirely trustworthy.
12. A foundation member was arrested in conjunction with silk road.
13. Men in florida were arrested and received felony money laundering charges for using localbitcoins.
14. There is a reduced trust in exchanges (which have shown themselves as incompetent and are down millions of dollars due to hackers).
15. Silk Road 2 has closed its escrow service.
16. Gox started processing cash withdrawals, fiat is actually exiting the system, and jaded investors are actually leaving the economy altogether.
17. Btce halted fiat withdrawals.
18. Gox and stamp closed btc withdrawals.
So because 1 or 2 of the items in this list are satisfied it means the whole bear market is off and it's back to the moon? I don't think so... I think perhaps this is that trap with an intermediary 4 hour uptrend I was talking about.
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