Good Day,

Let's try getting straight to the point on this one...

Reasons To Be Bullish

1. The S1 support level seems to be holding quite well. This has been a very important level in the past as well. There is a very big red candle with a long lower wick around December 20th. It respected the 50 day moving average and the current S1 support level.
2. The lower yellow trend line seems to be holding up equally as well. The first of February will be an important day as we see the S1 support level and the trend line meeting. After (or before) the first of February we should have a much clearer picture on which way the price will go.
3. The MACD is starting to turn bullish and looks as though it may cross the signal line. Notice there are no histogram bars above the MACD line, which means that the MACD line and the signal line are equal at the moment. We have not observed a good MACD buy signal since November.

Reasons To Be Bearish

1. We are below the Ichimoku Cloud. The cloud is a good indicator of current and future support/resistance.
2. We are below both the 20 and 50 day moving averages. The 20 has also crossed below the 50.
3. We are below the pivot point (P) that was established at the beginning of the month.
4. The RSI is not in oversold territory, which MAY OR MAY NOT be indicative of further selling.

Summary

The end of December and beginning of January illustrates a very strong correction or pullback in price. The current S1 support level has shown to be a very strong support level time and time again. The second half of January illustrates price in a very tight range between $10,000-$13,000. Eventually the price should break out of this range and continue to head either down or reverse and head up to test previous highs.

Personally : I would like to see price continue to ride the S1 support level and then follow the lower trend line up until the first few days of February. Maybe Punxsutawney Phil will decide whether or not the price will continue the downtrend or start a new trend upward.
All jokes aside, It is clear that the bears have been in control since Christmas, but do you think the bulls will prevail? I am interested on your outlook.

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The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.