Bitcoin preparing for another dive?

The price action in Bitcoin today has so far delivered no real recovery and what rebound has been seen has stalled short of 29,500. The risks of a deeper decline look high on the charts right now, unless it can make some progress above 29,500 at the very least. The price points of note on the downside are at 28,856 which was the Asian low earlier today and then the low point seen on Friday last week. That was at 28,705. If that lower level does get taken out today, then it might deliver a further downside move closer to 28k. Bitcoin is currently trading at 29,295