Bitcoin bear market seems not over yet...

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
get ready for some panic selling soon, target +/- 275 to form a temporary double bottom . Buyers will then rush in thinking bottom is in, pushing price to higher highs until it reaches the long term resistance (from 1170 top). This could be a nice long position, taking a nice profit 100 USD per BTC .

There is a small chance we might break out by then (towards end february) but if we dont and price bounces back off the resistance then the we will see lower lows, with even a very small chance of a quick dip sub 200. This will be a great time to short, with a tight stop loss just over the resistence.

IMHO there is not enough driving force to take us to new ATH's any time soon. The selling pressure is immense and there is no new money, It seems like the current participants have a huge Fear Of Missing Out, therefore not letting the price capitulation take place.