I'll cut to the chase: this doesn't look good. We had a 10% drop from the local peak and support seems to barely be holding on here in the $350's.
Over in China the CNY premium to Bitfinex USD is back down to around 1%:
Let's zoom out and take a look at Houbi on the 12-hour candles:
Depressing. Three red candles in a row and recent support is still a couple 100 CNY lower. If this trend down continues we could be testing 2000 CNY or 300 USD this week.
Sentiment-wise, the futures markets are showing a mixed or neutral spread right now. OKCoin Quarterlies are at about a 2% premium to the index, and Weeklies are at parity with two days to settlement:
So the sentiment would not be classified as bearish by any means, we still have a healthy premium on quarterlies with 1 month out to expiration, and we've already had a decent pullback and found some support. If this holds we could retest the $380 level and hopefully try to stick around longer than 24 hours like last time.
