Bitcoin Levels Not Looking Good -- Next Major Support is $3,000

Bitcoin keeps making lower lows and lower highs. Here's some key levels to watch out for late tonight and into tomorrow:

Low end support right now is at $3,230. The next tested support would be the $3,000 ATH and psychological level. This is the next level that was previously resistance as BTC had a bold bull move once it broke this level. I expect there will be smaller support levels along the way.

On the high end, BTC has been unable to close above $3,410. Resistance sits at $3,464 with $3,490 the resistance above that (not much room to wiggle).

With technical indicators rolling over to show the return of bear pressure, combined with the long upper wicks on the tops to show rejection at these levels, I'd say the trend is likely to continue. We haven't seen the influx of volume needed to confirm the trend still. Best case scenario is consolidation at this level, but a trend reversal bounce would have occurred already.

As I've mentioned before in posts, the markets have been extremely overbought and over hyped, so this is a normal correction as parabolic movements are NEVER sustainable in either direction. The China incidents may have just been the "catalyst" to kick start this pull back. As I have also said before, when GOS (greed, optimism, speculation) lowers, it doesn't take as much FUD to cause movement to the downside.