If I was to draw a chart of a bubble popping, the BTC/USD pair is a prime example. During the session on Monday, we broke the 8000 level, and briefly broke the 7000 level. The 8000 level was important to me, mainly because it was a 61.8% Fibonacci retracement level, and I have found that if you stay below that level for any significant amount of time, you typically will wipe out most, if not all the entire move. In other words, I would not be surprised at all to see more selling. Furthermore, the market has broken down through the $8000 level on heavy volume, and if you look at the chart, and if you have been paying attention to my analysis, I have pointed out that the heaviest volume days are all negative. I think that continues to be the case. That’s not to say that we won’t get some type of significant bounce, we are most certainly will. However, that’s can be a nice selling opportunity.
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