The bears are creeping back into the market as prices fail to climb back up to the $330 levels. After 2 consecutive bear traps which were discussed in my last technical analysis, it looks like the bears at OKCoin are not giving up this time.
One user on reddit got so fed up with the current trend that he decided to take matters into his own hands and shoot up those bears:
Trading volume has died down significantly as most traders are taking it easy on the weekend. Many are awaiting the results of the upcoming Fed meeting which will be held on monday in regards to
Review and determination by the Board of Governors of the advance and discount rates to be charged by the Federal Reserve Banks.
As the UK government freaks out over encryption and digital currencies, and the media continues to spread rumors of a bitcoin ban traders on r/BitcoinMarkets seem bearish and expect the price to drop further. With companies such as Circle and BitPay turning their back onto bitcoin due to it’s negative image and low use cases and moving towards embracing the underlying technology, the future for the cryptocurrency seems uncertain. However, Circle doesn’t have a great reputation in the community and customers are turning to other options with the Circle limits increase last month, as a user describes on reddit: Read More:
http://themerkle.com/coins/bitcoin-technical-analysis-for-112215-sleuth-fest/
