Bitcoin market update, 8/18/2014

Market is consolidating at the lows. Market did bounce yesterday, but sold off fast. Simply put, bulls are weak at this price. In bull's case, although not probable, we need to retest 500 and breakout above, creating some sort of double bottom for recovery.

During a down trend (I know some believe otherwise), it is best to follow the trend and short the bounces just like in a bull market, you buy high, sell higher.

I shorted some more Bitcoins yesterday at 500 yesterday, was away from computer to do an update.