We observed a huge volumes output on 16-17 of Jan, which often forecasts a reversal. But after that, there was only a slight rebound. And the level of 13,000, which for several more weeks was a support, now became a resistance and the price pushed it downwards, being a very bearish signal.
The short-term goal of the fall here is seemed to be the December-January lows and 200 moving average in the range of 8,000-9,000. But if we won’t see support there, the fall may run on to the range of 5,500-6,000.
The price lies at the lower border of the channel, and until the channel is broken, we should not expect acceleration of the fall. We will most likely see a slowdown in the fall and rebound attempts in the near future. But it won’t meanwhile suggest a trend reversal, but rather only a correction to a little more than 40% drop. That’s why one should not try to catch the "falling knife", preferably waiting once the price consolidates, having found a new levels of support, and ideally, until it makes breakout out of the channel. Then it will be the right time to consider entering long positions.
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