While it is inherently bearish to push below a trading range, there are a couple arguments that can actually put a bullish twist on bitcon's deep test of support.
While the market seems to be continuing its drift to new lows with greater and greater ease, there are a couple of bullish signals worth considering as the market continues to consolidate.
The current market trend has managed to find support on the prior lows; however, the support seems to be on shaky ground as it is currently trending in a pattern known as a bear flag.
We are currently in the process of testing important support levels and we need to keep a skeptical eye as monitor the bitcoin market and gage the reaction to these new support tests.
There are various levels of support that all need to considered and analyzed on a case-by-case basis, as they potentially could result in a cryptomarket-wide, devastating downward continuation.
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