Ok. I guess the questions have been answered because we suddenly dip below $11K. I really don't know what really happen and I can only speculate that investors are just cashing out.
Investors are always cashing out. What's changed is a lack of new demand. Just yesterday from Bloomberg:
Google Searches for Bitcoin Drop to Lowest Since October.
When price is rising, demand is seemingly endless. When price is dropping? Not so much.
Although I'm still very bullish that $12K is not that hard to break, but I'm proven otherwise. The bears have somewhat regain control so I guess we need to wait at the end of the month to see that mental barrier of $12K can be broken.
Yes, the ball is in the bears' court now. Sellers are in control. Now we wait to see where bulls react. We need a couple weeks time to see how the chart develops.
New lows and a pronounced failure of this consolidation should give us a week or two of solid downtrending. Target in the $8,000 area and potentially much lower after a bounce.
If we can form an intermediate low here at $9,280 or above (Bitfinex), then we are still in "bounce selling mode" until we see bulls form a higher low. But at least we won't have confirmed a firm downtrend.