Bitcoin Forum

Coinarch Daily Bitcoin Price Review

Daily Bitcoin Update

The bitcoin price finally succumbed to the repeated selling pressure overnight, plunging below the key 300 support level with which it had been flirting on and off for some time. The most concerning part of the fall was the absence of any clear bottom, with the price failing to hold at either 300 or the October low of 275. For now, a strong bounce back feels unlikely with the market still exhibiting a marked bearish bias.
Speculation as to the cause of the dramatic drop is rife, with much attention being focused on the effect of a strong US dollar and its impact on associated trade able assets. The likelihood of US dollar rate hikes in the first half of this year from the Fed have the potential to further strengthen the greenback.

January 4th Bitcoin Trading Session

The bitcoin price opened at 278 on the 4HBitfinex charts and continued its downtrend from Saturday after a number of hugely influential sell orders hit the market. The market found no way to fend off this bearish attack which eventually brought the price inside a very strong bearish bias. At press time, the bitcoin price sits at around 265 and has fallen around 11% in the last 24 hours and a full 17% since the start of the weekend.

What to Expect Today?

The price is currently trading around $40 below the next simple moving average, while the RSI sits around 14. This indicates a very strong bearish bias and continuation in the market, all of which can be put down to persistent market sells. We expect that at some point buyers will remerge to support the market, possibly once a key psychological downside price level is breached. As to what that level is, we are unsure; perhaps the nearest key price level of 250 will be the catalyst for some respite. If we do see such an emergence of bulls, we see the potential for a price rally towards the nearby resistance level of 275. Only a break above this point will establish a near-term bullish correction and a rally towards 200 or above.

If the price continues to fall towards an invisible bottom, we are expecting it to test the low 200s as its next support level.

Conclusion (On Daily Charts)
Current Mood: Strongly Bearish
Moving Averages: Strong Sell (0 Buy 12 Sell)
Technical Indicators: Strong Sell (1 Buy 7 Sell 3 Neutral)

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it touched 250 today on stamp

I feel pretty fucked  :'(

Just like how the price rising that occurred back in November 2013 was unsustainable, the price declining is at this point in time unsustainable. The price returning to level trendline is inevitable.

Price rising in Nov 2013 was Willy and Marcus bot.  Not real.

-B-

what my sig says.

in the end, us dollar is the final winner

https://s-media-cache-ak0.pinimg.com/236x/bd/f2/6f/bdf26f654561854fc827b66fbad380d6.jpg

The bottom was officially called at $255 earlier today!  8)

https://bitcointalk.org/index.php?topic=913908.0

Looking at how far Litecoin has fallen and using an average ratio of BTC/LTC from back when the demand for both was still high, I'm thinking BTC will fall to somewhere around $90 before flattening out...

hard to say !!
falls and rises! now worth $ 280, was worth $ 250.

Bitstamp hack caused the fall in price. Now to the moon!

Well, Bitstamp have been running a fractional reserve for years, and they're pulling a Gox 2.0 right before the eyes of the gullible cultists and bulltards. So yes, price will continue falling, a number of exchanges will be exposed as fractional reserve scams and thieves, and the whole Bitcoin ponzi will continue imploding till the price settles in the single digits, where it belongs.

 

I think we see lower before higher, still a lot of to the moon shouts dont see that happening right now.

It won't go much lower than $250. The year long falling wedge is close to completion. This will signal a bull run.

Sitting below 250 as we speak

you guys obviously have no feel for the market. After the crash was an emergency-pump to stop it from selling off a lot more. Then coinbase pump and dump for selling that stash. Now it'll go down slowly more until more panic happens or the next pump and dump or both.
We'll end up at 100$ and below within the year.

sub 240 and falling right now...

-$250 will exist for a long time  :-[

i believe it will remain near 200$, and its quite normal price.

already fall but now its allready rise  8) 8)  ;D

i think it will bounce btw 200-300 for a while

i agree, i think whole feb. we will see up and downs in the range of 200-300 for bitcoin price