Tag: oversold

Bitcoin starts the year 2015 with a bearish breakout against the dollar

Wait for it…

In my previous post I advised traders to sell their coins if they had any and wait at least a week, maybe even two, into the new year to see how the market adjusts itself.

 

After more than a week of minimal price decline the breakout finally happened and as you would expect, it was a selling marathon. Why? Because in December 2014 the BTC/USD broke through a pretty solid support level– only magic can save us now.

 

Bitcoin dollar btc usd oversold market condition price chart graphWhen will it go back up?

Well, the market is already oversold and keep in mind that a support level, if broken, will become the new resistance almost every time. So we should definitely see Bitcoin gradually climb back all the way to at least $320, but that should be all it can do in the short term. In my last post about BTC I also mentioned that we could see the price as high as $700 this year, but we need at least 3-6 months to get there.

Share!