Second half of January not looking so good for Bitcoin

btc usd price chart 2015 january bearish trend down fallMetaTrader 4.0

As you can see I have finally updated to a better, more sophisticated software. The price chart looks a lot better now with a lot of custom features and I already looked into MQL4 programming language which at first glance seemed epic easy to master so keep an eye out because in the future I could create a trading robot for Bitcoin 😉

 

Dec 25 till Jan 13Other half of January

It’s not looking good for the bulls- at all. The breakout since the early days of year 2015 has been harsh for the bulls. Bitcoin has now fallen from $317,3 all the way to $226 and it’s showing no signs of stopping any time soon. Remember, we are dealing with the lowest point of BTC since March 2013. The fact that we couldn’t break the barrier of Jan the 3rd which was $289, on the 7th of Jan (which is the highest point for price correction) means that we have a confirmed downward trend. Just look at that last black candle of death…

 

So what should we do?

I’m a bull myself and I never make good trades from selling, but if you want to give it a try then wait for another price correction up to some $264 area and then go short. It makes more sense to sell at this time. I personally haven’t YET given up all hope and I will be waiting for an opportunity to go long instead. It might not happen any time soon, but we have been lingering in the oversold area for too long already.

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