I think that this market is still in a phase of moderate correction, not severe at all. Support for this week is at $ 575, in case of break of that support this market could reach the bottom of the price channel that I have shown in the attached graph, at around $ 530 which is the price level of strong support that I indicated in my last tweet.

I include with this chart (btce prices using metatrader 4) a proprietary volume oscillator that i developed and it is very powerful in spotting trend reversal, at the moment it is bearish.

I say again that it is important to stay above $520 for the long term, any weakness below that price level would have bearish implications for the long term although I can accept a quick spike below that price level but  it must be temporary and not for a prolonged period of time.