Bitcoins analysis – View of the weekend
Falling price for Bitcoin exchanges may force some to agitate. If you feel that bitcoin as an investment, so I am not surprised. On the other hand, lowering the price of Bitcoin may paradoxically help. With the high price of bitcoin to become attractive to miners and mining difficulty growing almost exponentially. The higher the difficulty, however, it does not bring greater benefits in network security, only to needlessly consume resources, to which the critics all digital currency. So far, it seems that the difficulty ceases to grow dizzy and grows only very slightly It’s the right price and at Bitcoin exchange, forcing miners to stop mining and selling mined Bitcoin, thereby creating an oversupply.
On the daily chart we can see that the price is still moving downward in the band and it seems that this band was confirmed last maximum, which was reached October 14, 2014 at an elevation of $ 418. Recall, too, that minimum price reached 5 October 2014, when the bitcoin can buy for $ 276. Quaint shops appeared the next day in the early morning hours, when some “investor” stripped a single Bitcoin 30,000 for a single price of $ 300 (total $ 9,000,000). After this strange sale price immediately climbed to 330, and has since gradually increased up to 410 USD, where hourly scale graph portraying a double top and then again headed south. Breaking the trend line direction was confirmed.
Caution persists – watch out for the weekend
The future price development is now difficult to predict. The example shows the orange triangle defining the space where the Bitcoin price will likely occur in the coming days. It is likely that it will be in the area marked with the number 1, will test the strength suggested by support. If there was a break this support level, so we can expect the lowest test value $ 276. Very important is the upper declining green line. IF there would be over one day to cross this line, it could stabilize the price in the price range of 350 to 400 U.S. dollars and go “sideways”. However, speculating on the stock exchanges and the big players with big buying power, it is necessary to count with the risk that some of these players makes a great buy, drive the price above the indicated resistance and could cause short-term panic buying. This would suggest extreme caution, because the panic trade is the greatest losses, and these losses brings a successful speculators profit.
Bitcoins analysis – Conclusion
What do you take from that? It is clear to me that the prediction is unclear, neither one nor the other. “It will rain, but also might be nice.” One can look at it another way, approaching the weekend, as well as several previous weekend we can expect a panic sell-off, so I recommend to refrain from buying and wait for a major change, such as crossing the Green Line.
Disclaimer: These articles can not be considered investment advice and the advice still applies to in speculation on the stock exchanges BTC flown only means that you can miss. High gain entails a significant risk of loss and BTC markets, it is doubly true.