The continued lower lows that we've been achieving on higher timeframes like the daily and weekly definitely isn't a good sign for the bulls (as well as continued lower highs), and it's looking somewhat likely at this point that we're in a channel downwards as every pump seems to bleed off into a newer low.
Yep, there's a pretty clear down channel here. In fact, it might have been one technical reason for stopping near $6,500 rather than the highly anticipated low $6,000s area:
![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2Fq8Crv9h.png&t=664&c=pqIjuw4R_EDgPw)
I'm a big trend trader. There's no doubt we're in a downtrend, and it's sensible to keep betting that trend. Having said that though, the structure of the downtrend is not that bearish. It isn't impulsive. It's an orderly correction that keeps overlapping into the previous range. That tells me supply is weaker than all the bearish sentiment suggests.
If you're shorting down here, make sure to have stops on the book. The bears trading with "mental stops" got slaughtered by the October run to $10,500.