Bitcoin:
Orders of bidding and asking are in big volume, and amount of price variation is small. Moving sideways too long leads Bitcoin price to decline. And it’s bad for the bulls to move sideways for a long period. 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 of 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 paradox. This is because those shops will not hold Bitcoin that accept Bitcoin with the help of Bitpay, Coinbase and Bifubao. They may convert all their Bitcoin into legal tender. With a view to so low turnover rate, those wave of selling will crash the Bitcoin market.
So tough 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.
Scrypt mining machine factories, with some brave exceptions, resist cutting their prices. Machines that overstock will go into the trash just like what has happened in the garment industry. Whoever sell them out and take back principal now can have the opportunity to make next generation Scrypt machines infuture. Those fail to do so will lose all while Litecoin price goes down and even new chips will go into the trash.
No need to talk about the bottom of bear market. I just say I will buy LTC at $5, and if Bitcoin move sideways for 3 months, is there anybody who can tell me where the bottom is?
In general holding Bitcoin is better than mining Bitcoin. Mining machine makers hold biotin too. Why not miners?
http://www.bit-sky.com/index.php/analyse/trendanalysis
