As long as $8,370 holds, and it did almost a week ago, then we'll be up for another bounce back to potentially the $10,000 mark. If it breaks, then sub $8000 is almost a certainty, and that would indicate a lower demand.
I don't see the market dip under the previous bottom, because that would actually be somewhat worrying. It means that a long term cycle has been broken where the price never dipped below it previous bottom.
I am comfortably hodling my coins, and will continue doing so. I however will use the decreasing market to accumulate as many coins as possible within my financial reach, so there is not much to complain about for me.
I think it's safe to say that the mtgox dumpings might play an important role when it comes to the lower demand, and that sucks. It's a shame that mtgox even in today's world manages to impact the market negatively.
MtGox obviously played an important role but I thought the whole rumor (as I have not been able to confirm anything from the horse's mouth) about him holding up till September should have at least stepped down the whole bear market a little bit and give the bulls some little bit of chance.
The bounce of bitcoin though within $5500 may probably give alts the chance for some activities, but I still feel the break down below should cause a huge rally afterwards, so I guess we have to just wait. Maybe it is time to start loading up for another moment of lower buy ins.
There is a lot of huge uncertainty in the market and no one wants to be caught in any bear trap at this moment, but since we can only play with what the chart is telling us, we might as well just keep trying to see what happens next from here. Anything can happen, and the likelihood of $6000 is tightly knocking. I just keep wondering when all these FUDs will end.
