This is the daily chart since November when the strong rally started . Again the VWAP average acted as important support during the strong drop from the secondary top ($980) of the first rebounce ($542->$980) .  Today BTC/USD reacted a bit from the VWAP after the yesterday low of $612.

I think that now we are at a critical turning point, if the market continues to fall below the VWAP then it is a strong confirmation that a new bear market has probably started, with a final bottom around $250-300 in February or March 2014.

At the moment BTC/USD  is still holding above the midpoint ($ 650) of the last rally and the daily RSI is again oversold, there is also a small RSI bullish divergence with the bottom of last December 7, all elements that let me think of the possibility to see a reaction up to $780-$800 as long as it stays above the support area ($630-$650).

The trade that I opened yesterday at $ 676 is very risky, it could also end up with a substantial loss if the market is going to break decisively the VWAP around $630. If you are averse to taking big risks I advise you to stay out from the market at the moment till it will finally decide which direction to take.