Bleeding to $5K, or a double bottom?

Following the in-depth analysis from yesterday and as mentioned before, Bitcoin is under bearish conditions or at a stage known as Capitulation.

Capitulation sounds positive (as the last market cycle) even though it can take the asset to far new lows.

From yesterday’s analysis: “Zoom in to the current’s situation: Bitcoin is forming a symmetric triangle which it’s getting tighter and expected to break. In my opinion, the higher the chance is a breakdown. The next support area lies around $5450 and $5300.”

As we can see on the following chart, the triangle was broken down. The support level at $5300 has held for a bit, but then (during the recent hours and as I write this) another red candle came across to re-test the yearly low from November 15 at $5200 (Bitstamp).

Looking at the 4-hour chart:

• Looking at the larger time-frame, the Bitcoin daily chart: As mentioned before, the first target had been reached very quickly at $5300. The $5000 – $5300 might hold as possible…