The charts doesn't look good for bears, market just recently broke out of the triangle on the 4 hour bar. More confirmation is needed, a higher high or a daily close is bullish. While I am long, I keep my technical analysis objective. We broke out of a downward trendline, while it is not bullish yet, short term downtrend in price is likely to be over. We may chop some more here before grinding higher.
Update before the weekend. We are now in consolidation inside of a triangle. This is more clear on the daily, volume has dried up, price action is choppy. We are waiting for this one to settle and breakout either up or down. My bet is down because trend is down. But the possibly of a retest to 550 or so is possible and likely. Have a good weekend, follow me on twitter @ibankbitcoins