After breaking a technical and psychological support at $300, Bitcoin prices plunged another 10% during the last two days to intervene with the long term support at $260 – a high set by the previous rally in April 2013. Ever since the start of this bear market, TA pundits and chart readers have been calling the penetration of the $260 area to be a sign of an impending doom which may lead to sub $150 prices. It is now clear that market is infiltrating in a very dangerous zone receptive of real panic among traders. Market participants have been desperately anticipating a sign of trend reversal but is

All About Right Timing

Prices were hovering around $310-320 range at the beginning of the week 12/29. It’s important to notice that during this time most parts of the world were celebrating New Years and spending time with family except – China. While every other major financial market has no trading activity during the weekend, Bitcoin is famous for its notorious drops during the weekend or at least since the last 13 months.

conclusion

Has there been any negative news during this time period? No. Is there anything wrong with the underlying Bitcoin protocol? Perhaps a recently discovered security flaw? No. So, what possible reason can be associated with