Bitcoin:
My trend analysis yesterday is too optimistic. Wave of selling are initiative today, and Bitcoin price creates a new low.
The order pressure over $630 is big and difficult to be overcomed in a short time. It may go on falling after rebounding to $630. The strong support level is at $580.
You have to admire technical analysis theory. No matter how news is, technical shape is effective.
Now it is forming a big head and shoulders pattern. The left shoulder is the behavior of MT in February and March, the head is the behavior of PBC, and the right shoulder is this decline.
The trend of rising in long period is a commonplace, and its target is $500000.
The trend of rising in mid period is exact. In my opinion it’s a big trend, even may be the biggest trend in Bitcoin history. It may rise over 20 times to $10000. Then the market cap of Bitcoin is over thousand million dollars. The rising 50 times from $10000 to $500000 maybe take 3-5 years. When the market cap of Bitcoin become over thousand million dollars, the historical limitations of Bitcoin will be exposed, and it will move sideways or turn into a bear market for 1-2 years especially under global governments’ suppressing.
In a short time the wave of buying is insufficient. The BTC auction of FBI is a bad new currently. And the bad news of MT is not over. The key is little good news on Bitcoin could attract wave of buying entering the market. The only way is to reach a new high for Bitcoin. What is it before that? Little fund enters the market, and Bitcoin rises slowly. Then whipsaw appears at the price of $660, $ 830, $1160, and this will last for 3 months.
I will not make profit from the difference in the rising trend. Please take a note. If a big investor enters the market, its price will jump and rise. Its market cap is too small so this pricejumping possibility is high.
Altcoin:
Altcoin Index 1 is 6.61. Altcoin Index 2 is 2.69. Today a new altcoins named Neutrinocoin birthed and its price jumped and rose. Anyone wanna be a market maker?
http://www.bit-sky.com/index.php/english/912-gmt20140614-11-07-trend-analysis-of-democurrency
