Happy and profitable new year folks and let’s get straight back to work! The USD remains strong across the board and the BTC/USD pair is not an exception. The USD index can attack 100 very easily, probably 110 and 115 maybe.
Unless this resistance level is reached followed by appropriate price action (meaning clear selling) I have no reason to be bullish on BTC or any other asset traded against the dollar. And that could occur in a weeks, months… Of course until some sudden event happens that could send the mother of all fiat currencies back down to trash where it belongs.
The price has reached the $260 support zone (former resistance and maximum high of April 2013. Wow, do you remember those days? Only some 20 months ago and it does sound like a looong history) that can be broken fairly easily.
Down there lies stronger resistance at about $160 that should successfuly face of any selling attack at least on a longterm timeframe charts. But if the USD index breaks above 120 only bitcoin god knows what will happen then…
Sell: 264 Stop-loss: 290 Profit Take: 254; 234; 224
Buy: 291 SL: 276 PT: 300; 310