From:
http://www.cryptocoinsnews.com/2013/11/10/bitcoin-serious-trouble/Since the peak of 2630 CNY (430 USD) per Bitcoin yesterday the price has dropped to 2140 CNY/BTC which is about 350 USD per Bitcoin. If we look at the top peaks compared to the bottom peaks on the graph above, we can clearly see a shift towards a downtrend for the coming days. From the peak of 2630 CNY it fell to 1900 CNY where it hit a good buy resistance, bouncing it back to 2250 CNY where it hit a sell resistance (now developing).
Regarding the massive trading volume we can see a clear change to sell orders instead of buy orders that have been the trend for the last couple of weeks.
This might be the time to do two things:
1. Sell your Bitcoins for USD or CNY and wait for a couple of days to get an overview of the trading trends and happenings in the market as Bitcoin could experience an even bigger drop very soon after the market has cooled down.
2. Buy back into alt-coins / other crypotcurrencies that experienced a loss to Bitcoin when Bitcoin rallied upwards. The current alt-coin with the biggest potential at the moment is Primecoin (XPM) because it has continued down to one of its lowest price of 0.002 BTC per XPM since its launch this summer. Other cryptocurrencies has still been quite stable. We believe Primecoin (XPM) got the most potential.
