"We have not traded in Bitcoin for a while because we did not get the right setup to enter. Though we missed out on a large uptrend, at least we did not get caught in the frenzy. To the lucky few who are owning Bitcoin, we have warned in our previous two analysis reports that the cryptocurrency is at a risk of breaking down.
In our previous analysis, we had warned that if Bitcoin failed to rise above the trendline, it will break below $15,200 and that is what happened. The attempt to rebound off $15,200 failed on Dec. 20 and today the cryptocurrency has plunged even below our expected support levels of $12,505. What’s next? So, let’s wait for the correction to end before initiating any long positions."
We may find a number of aggressive bulls buy at the current levels of the BTC/USD pair and continue buying till the 50-day SMA of $11,000. However, we believe that we shouldn’t try to catch a falling knife. As the selling has been overdone, we may find a bounce soon, but, if it fails to sustain, it’ll break loose. We may see the fall extend to even $10,000 levels.
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