Turning bearish again

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
With the market currently making lower highs and lower lows, the bear trend may not quite be over yet. A break of $200 again is very bearish , and it looks like that will soon be the case. We may face weak support on the way down at the $180-$190 level, but I don't expect this to hold. As of now, I'm watching $200 and waiting to catch a short to $130, which was my original target for the bottom and remains so. The price action at $220 confirms that the gradient of the bear trend is getting steeper and may have yet to reach a climax despite good volume .

Either way, I still expect us to reach $270 again at some point. For now, though, the market does not appear to be cooperating. This will, however, be a great opportunity to pick up cheap coins.

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UPDATE 17 Jan. 2015:

I've closed all my shorts for a 5% profit and I'm now feeling more bullish. I don't have anything concrete for that, but I'm watching the $215 level to see if the price can break past the recent lower high.
UPDATE 17 Jan. 2015:

Playing out as expected. Didn't draw support in the $180s very well, but I'll be watching that. If it doesn't rally there, then we're headed for new lows.
Its not over yet. Like I said the other day. No real bottom has been found yet. Yesterday was a relief rally in a downtrend.
+1 Reply
MoonTrader sammantic
I agree. Cain't wait for these low prices!
+1 Reply
sammantic MoonTrader
133 or lower is the magnet...thats Mt. Gox low
MoonTrader sammantic
Good target.
sammantic MoonTrader
We still need capitulation. I wrote this on Wednesday. Have another coming out soon.
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