Bitcoin gains 4.44% against the US Dollar in the beginning of February 2015

Bitcoin vs dollar btc usd trend move price chart pivot pointBitcoin, you can do better than that

At the end of last month I posted a quick overview on the price of Bitcoin and what it may have in store for us next month. We’re currently three days into February and BTC has gained a measly 4,44% after some insignificant downward movement that didn’t break any major support levels for us.

Bulls getting stronger

The daily pivot point along with three solid resistance levels have all been broken through today and the market is continuously making higher lows which indicates that the bulls have finally gotten bold enough to start a run. My advice to bulls is to stop being afraid and move upwards horns first because February the 3rd has thus far been very friendly for us, bulls.

 

We can expect some drawback soon, but it is not likely to do much damage. If anything, we will have an even better opportunity to open another long position.

 

Share!

Too soon? Bitcoin moving sideways against the dollar – Market unsure

Bitcoin versus dollar btc vs usd market sideways price chart graph 2015 january pricingToo soon?

A few days after my confident prediction that it’s high time to buy Bitcoin on the 27th of January post, I didn’t pay attention to the charts for days. Now, on the last day of January, I checked the charts again and to my disappointment the price hadn’t gone up at all- instead it came down -$24.. USD and has now decided to move sideways completely unsure of itself. I have a feeling a lot of traders are left clueless of the weird movement because we know for a fact that the first licensed Bitcoin trader is now operational which should mean more trust and interest in the crypto currency.

 

Of course that alone don’t necessarily have to mean much for the price of Bitcoin, but the technical analysis also indicated a bullish movement. After taking a look at the charts I had to bring down the trend line, because my last one was broken through, and as you can see it’s almost vertical now. Everything else is also showing signs of sideways movement and that usually means a breakout is likely going to happen very soon. Perhaps there is still a possibility that my prediction will come true? It wouldn’t be the first time when my timing is way off.

Share!

Bitcoin now worth less than 200 USD – Dropped from 225,703 to 190,309 in less than a day

Bitcoin now worth less than $200

The two hundred dollar mark has been breached earlier today when Bitcoin fell from 225,703 all the way through 200, briefly touching the $176 region, but getting some decent support around $180-$190 later.

BTC down to 190 usd per coin drop last 24 hours price chart2The drop seems much more significant now than it did yesterday when I suggested going short for short term. Nice round numbers like 200 are key points in all trading simply because people like these numbers. The breach below 200 just gave a pretty strong blow below the belt for all the bulls.

Bitcoin mining not profitable

Back when Bitcoin was still worth $700 and more people were already talking about the profitability of mining new coins. That’s when the talks started about Bitcoin losing its value simply because the mining costs were increasing exponentially as new blocks were discovered. Given that the crypto currency is now worth less than two hundred bucks, it’s very likely that we are going to see some serious crash as Bitcoin is slowly becoming worthless.

The grim future of Bitcoin

Small time miners and computer nerds are already starting to shut down their mining rigs, trying to sell the hardware cheap on eBay or simply moving to easier to mine crypto currencies like Doge for example. This means that the mining power is slowly but surely moving away from the regular folks and into the hands of big players and organizations who have the type of hardware required to mine Bitcoin. Definitely not the type of “freedom” we had in mind…

Share!
Filed under: BitcoinTagged with: , , , , , ,

Second half of January not looking so good for Bitcoin

btc usd price chart 2015 january bearish trend down fallMetaTrader 4.0

As you can see I have finally updated to a better, more sophisticated software. The price chart looks a lot better now with a lot of custom features and I already looked into MQL4 programming language which at first glance seemed epic easy to master so keep an eye out because in the future I could create a trading robot for Bitcoin ;)

 

Dec 25 till Jan 13Other half of January

It’s not looking good for the bulls- at all. The breakout since the early days of year 2015 has been harsh for the bulls. Bitcoin has now fallen from $317,3 all the way to $226 and it’s showing no signs of stopping any time soon. Remember, we are dealing with the lowest point of BTC since March 2013. The fact that we couldn’t break the barrier of Jan the 3rd which was $289, on the 7th of Jan (which is the highest point for price correction) means that we have a confirmed downward trend. Just look at that last black candle of death…

 

So what should we do?

I’m a bull myself and I never make good trades from selling, but if you want to give it a try then wait for another price correction up to some $264 area and then go short. It makes more sense to sell at this time. I personally haven’t YET given up all hope and I will be waiting for an opportunity to go long instead. It might not happen any time soon, but we have been lingering in the oversold area for too long already.

Share!

Bitcoin starts the year 2015 with a bearish breakout against the dollar

Wait for it…

In my previous post I advised traders to sell their coins if they had any and wait at least a week, maybe even two, into the new year to see how the market adjusts itself.

 

After more than a week of minimal price decline the breakout finally happened and as you would expect, it was a selling marathon. Why? Because in December 2014 the BTC/USD broke through a pretty solid support level– only magic can save us now.

 

Bitcoin dollar btc usd oversold market condition price chart graphWhen will it go back up?

Well, the market is already oversold and keep in mind that a support level, if broken, will become the new resistance almost every time. So we should definitely see Bitcoin gradually climb back all the way to at least $320, but that should be all it can do in the short term. In my last post about BTC I also mentioned that we could see the price as high as $700 this year, but we need at least 3-6 months to get there.

Share!

BTC/USD in the year 2014 and what to expect from 2015

 Bitcoin in the year 2014

We started out strong this year! After the traditional years end selling marathon where the BTC fell from its highest point yet, the $1200 area, we quickly recovered in January 2014 from $600 all the way up to $1000 again. Investors were confident that Bitcoin is the new goldmine.

The media coverage

A graph showing the price movement of bitcoin throughout the year 2014It’s no surprise that the media was creating a fuss about Bitcoin considering that BTC is a commodity that suddenly exploded from $100 to $1200 in just a few weeks. Everybody was talking about Bitcoin in 2014. People were creating new businesses that solely relied on Bitcoin as a currency and even the government, the banks and the IRS were taking Bitcoin seriously. All this controversial publicity reflects nicely on the charts as well- it’s almost as if BTC became alive! Heck, even PayPal added limited support for Bitcoin.

 

What goes up, must come down

Surely something that suddenly rises to such heights must come down eventually and chill for a while to balance things out. This is exactly what happened throughout the year 2014, the BTC/USD gradually came down from the high losing the hard on it had from all the media fuss.

 

A chart showing bitcoin usd break 320 area support levelWhat to expect from 2015

If you look at the yearly chart (above) you can see that we are currently at the lowest point yet ever since this whole madness started back in 2013. Because we are getting closer and closer to years end a lot of investors are raking in profits for a fresh start next year so the mass selling of BTC right now seems pretty normal to me. I am kind of disappointed to see that we broke through a nice solid support level in the $320 area though. Looking at this makes me believe that the maximum buying potential for BTC in 2015 shouldn’t get us higher than $600, maybe $750. It will need some serious super powers to get past that point.

 

Right now we are probably going lower from here as the years end is creeping closer and closer so don’t get too crazy when you wake up one morning and find that BTC is worth only $250. The $320 area support level was a serious breaking point and there’s nothing left to stop the selling any more other than the deliciously low price itself which will surely get investors back to buying, especially in the first month of 2015.

 

Tips for 2015

  • Sell all your Bitcoins until the new years eve.
  • Wait for a week or so.
  • Start buying up coins and enjoy the rally.
  • Look out for any media coverage (good and bad).
  • Keep an eye on this blog ;)
Share!

BTC/USD has broken a support level that held good for months. More downward movement highly possible!

Bitcoin usd dollar price all time low support broken graphBTC/USD Support broken

Sadly the strong support level that held for months has finally been breached. If the bearish candle closes below $320 level then we can expect more downward movement very soon. We have already tested $317 which is the lowest point BTC/USD has ever been since it started to gain bullish momentum at the end of 2013.

Changes ahead

We are at a critical point right now with a lot at stake. Should the support level breach be confirmed tomorrow there is very little that our technicals can do to help Bitcoin. The only way I can see another bullish run in the future is through media influence or FBI, but I’ve heard rumors that these guys are doing all they can to destroy this lovely crypto currency, probably because they’re in league with central banks all over the globe who are scared to see Bitcoin as a powerful alternative to regulated currency. You can see it when you look into all the coins they’ve seized from people just to put them out for auction a few months later.

Share!
Filed under: Bitcoin, FinanceTagged with: , , , , , , , ,