Bitcoin Price Analysis/Speculation – 08/8/2015

Bitcoin prices have fallen once again with the weekly figures standing at a 4% loss of value. Whilst this may not look like much the markets have fallen into a downward spiral as the fairly strong barrier of $275 was broken leaving way for prices to fall much further to current levels as there is simply no support for values below this label.

As seen below the prices of bitcoin are currently $268 which is a drop from yesterdays values. This week has been fairly uneventful for bitcoin as it coasted along the $280+ range. However as the week closes the prices also fall. Whilst many consider this regular as miners will sell off dramatically to pay bills etc, others are considering the possibility that this negative movement may be the signal for another much stronger price drop…

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Speculation

With few buy orders present at levels below the $276 strong hold it is likely that the current bearish activity is here to last a little longer as the market retests lower levels of $250 before a much stronger rally develops pushing the value for bitcoin once again over $300. It was clear to many that the period spent over the 300 figure was on borrowed time as the price receded to pre rally levels in a matter of days. The current market action is representative of the broken uptrend which many were referring to as a complete trend reversal.  Personally, the prices of Bitcoin are likely to fall into the $260 figure which would be ideal as they are pre rally levels which are strongly supported with over $10000 worth of capital available at this level. However if the prices of Bitcoin fall below $260 another rally may not be a occurrence for a days as the amrkets repeat and rinse the regular cycle in which some make money but some don’t. So its settled, $260 is the figure we will be waiting for but till then it seems that the trend may remain unbroken as the downtrend is clear and prices are still falling.

 

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