GMT20140706 13:33 Trend Analysis of Democurrency
Bitcoin:
Orders of bidding and asking are in big volume, so price variation is small. Moving sideways too long is definitely followed by decline. Firstly, buyers will become fewer during this sideways. Secondly, the covers and the profit-takings will sell in great amounts. Finally, new mined coins will not become less at the same time.
High volume is a requirement for a bull market. Bitcoin wouldn’t go up without heavy volume. The pressure is not high at $660, but very high at $830.
I call upon us not to consume in Bitcoin, although this seems to be a nuisense. This is because those shops who accept Bitcoins will not hold Bitcoin for a second with the help of Bitpay, Coinbase and Bifubao. With a view to such a low turnover rate, those wave of selling will crash the Bitcoin market.
Be patient with this sideways!
However, good news may break out at some time and lead price skyrocket suddenly. Thus going short just for current pretty profits is essentially irrational.
Why do we participate in Bitcoin market? Because the fundamental value of Bitcoin from its principle has not yet been achieved.
Altcoin:
Altcoin Index 1 is 4.58, down 1%. Altcoin Index 2 is 2.03, down 0.1%.
Litecoin price drops down from a cliff this afternoon. No speculation fund still stay in the market, so could you big investors stop your toss and torn? The price will go down and down under your torn.
Ripple has come to death, and it drops down rapidly in a low volume.
DOGE and Darkcoin are still struggling at low level.
It’s a surprise that altcoins bear market comes at this time. I thought April was its worst time.
If Bitcoin goes on moving sideways for a period, altcoins bear market will last for some time and altcoins price will go down exponentially.
Script miner factories, with some brave exceptions, resist cutting their prices. Machines that overstock will become trash just like what happens in the garment industry. Whoever sell them out and take back principal now can have the opportunity to make next generation Script miners in the future. Those fail to do so will lose all while Litecoin price goes down and even the film and new chips will become trash.
Don’t talk about the bottom in bear market. I just clapped my head and said a price for LTC at $5, but if Bitcoin moves sideways for 3 months, God knows how low it can reach!
In general holding Coins is better than mining. This law adapts to miner manufactures, of course so are miner buyers.