Bitcoin appreciated tremendously during the last few months of 2015, but the trend is beginning to shift. The 4-hour chart is clearly showing that the market started to print lower-highs, and also lower-lows, towards the end of December. The trading channel is now starting to curve lower and this kind of price action is very suggestive of an impending bear market.

For speculators, the $433 price level has become a major battle zone. This pivot has acted as support/resistance several times during the second half of December. If price breaks above $433 and trades near the $440 level for some time; $433 will most likely turn into support again.

A failure to break above $433 will most likely result in another plunge towards the big pivot area between $405-$406. This price level was respected on multiple occasions last month, so it is of great technical significance. And sell-off will most likely stall near this range.

Disclaimer:  This is not trading/investment advice!

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Chart source: https://www.okcoin.com

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