BTC Rally Reverses
Looking at an hourly chart today allows us to see the double bottom which formed several days ago, leading us into a rally to 16k. This rally looked very bullish in the sense it could be a stair-step continuation back to the highs of the market. However, the first leg of this rally is already looking dubious. Really, we would want something like 14,500 level to hold for this to be a normal bull rally, rather it dropped to 13,500. In other words, it is looking more like a reversal and not a stair-step rally.
South Korean Regs
There is a downside story today which is the South Korean Gov. declaring some regulations affecting bitcoin. While not worthy of mentioning from an investment standpoint, on a daily chart this news may have caused the increased downside.
My approximation of BTC daily action
I am leery of saying the declines are over, I was hoping they were and I had bought some BTC at 11,800. I exited that position since the chart looks like a sinking ship today. The target area is the possible next range of support if the red line breaks.
At this point, waiting on the sidelines seems like the more sane option given what I am seeing. There is also no major news event to propel the market higher as we have had during previous declines in the fall of 2017.