Bitcoin 31st December 2014

[Kimba_Coinarch]

Daily Bitcoin Update

As the end of 2014 approaches, we can reflect on a year that sees the current bitcoin price at its lowest level for the year and on a market which offered fewer and fewer bitcoin trading opportunities as the year went on, with December in particular a difficult month for traders. May the Bitcoin Gods bring us better luck in 2015!

There was little change in the bitcoin market over the last 24 hours, with the price continuing to trend sideways in a tight trading range and no hint of a substantial move either up or down. Trading volumes for the last week are markedly down on previous weeks and on this time last year, all of which points to a market firmly focused on New Year’s Eve festivities.

December 30th Bitcoin Trading Volume

The bitcoin bears are continuing their march into year end. The bitcoin price opened at 314 on the Bitfinex 4H charts, continuing its prevailing neutral stance. The price was pushed down on the back of some moderate selling and once again tested the 304 support level before retracing after some belated buying emerged.

At press time, the bitcoin price sits around 312 and is trading below the daily moving average.

What to Expect Today?

The bitcoin price continues to trade below its 200, 100 and 50 hour SMAs, while the RSI is stuck near 44. All of this points to a continuation of the prevailing bearish bias and momentum in the market, with rumors that US traders are cutting losses for tax purposes further fueling the bearish flames. We therefore expect the price and volume to remain choppy for the entirety of today’s session.

A technical reading of the Bitfinex charts shows that the price is forming a head-and-shoulder pattern, with the 337 resistance line establishing a near-term rising speed line towards a downtrend. This suggests a bearish continuation that will likely crush any near-term bullish correction attempts.

The bitcoin price is currently testing 302 as its next support level, with downside risk towards the October low of 275. These areas offer the potential to kick off a long overdue rally, this time towards the key resistance area around 340; any attempt to cross above the 50 hour SMA at 321 could ignite a short-term bullish correction, the best case scenario for the next few hours given current conditions. Only a break above 340 will be able to properly entrench a bullish bias, with the potential to push 360-365 as the next key resistance area.

Conclusion (On Daily Charts)
Current Mood: Strongly Bearish
Moving Averages: Strong Sell (0 Buy 12 Sell)
Technical Indicators: Strong Sell (0 Buy 10 Sell 1 Neutral)

Visit www.coinarch.com to trade bitcoin and profit in a rising, falling or flat market.

Happy New Year from the Team at Coinarch

[bornil267645]

I am voting for flat...

I am hoping for flat...

[hungergamespro132]

i think it will raise because it has to bounce off from that low 300 price sooner or later

[Corenin]

i think it will flat because on 31 dec and 1st jan everyone will busy in celebrating new year
so it is possible that there will low trading volume on exchanges

[Morecoin Freeman]

Sometimes in life you feel the fight is over,
And it seems as though the writings on the wall,
Bitcoin you finally made it,
But once your picture becomes tainted,
It's what they call,
The rise and fall

[Sindelar1938]

I think we will see a price spike today...

[1Referee]

Perhaps it will go up a tiny bit, but nothing special.

I thought we would see a short rally at the end of the year, but that is and was not the case  

[Kearney52]

i think the price will be flat a long time

[mindrust]

I remember last year today, i was waiting in front of my pc desperately to see btc at 40000$. Good old days:)

My vote is for the flat. Btc is going to stay @ 300-310$

[bigtimespaghetti]

Down. Not enough blood yet.

Just my two satoshis

[resya]

I think it will be flat till the first week of january next year. The stress accumulated by bitcoin traders is so huge that each time the coin grow in price they shorted

[dakota neat]

Bitcoin will recover to 380 in CW01

[faince222]

Bitcoin will rise this year up to 500-600 or 5.000-6.000 (All or nothing, because we have to see if there will be winklevoss ETF in wall street soon or not).

Think that 2015 will be the bitcoin year ! (I guess  )

[rikkie]

I think it will go up in 2015.
It stayed stabil for a long period now, what is good.
If there are no big negative news about bitcoin in the press, it will go up, i think and i hope.

[Neotox]

i think it will up and welcome the new year with green digits

[Nagle]

$312.

And that's it for 2014. Thank you for playing.

Further discussion should go in the 2015 thread.

[Dilla]

Hey hey I still have 40 minutes

[solitude]

this forum sucks, i think i have cancer from reading it.

op is a faggot shilling his webpage hard, and everyone's bumping his shitty thread, including me.

mods are busy sucking dicks and taking it hard it the butt

everyone's saying the bitcoin price will rise yet it keeps falling

mfw it's 2015 and im still reading this shitty forum

i might as well go to reddit.