The year 2014 has been quite a bad year for Bitcoin speculators. As we enter into the last weeks of December, traders and market participants anticipate in desperation for a trend reversal. So far, after making a low of $275 on Oct 5th at Bitstamp, the price movement during the last ten weeks have been on a stagnant mode. Trading in a tight range, the calls of doom and the end of Bitcoin can be heard on several Bitcoin forums around the web. What does it say about market psychology? Well, usually, this sentiment usually echoes when market is about to complete a cycle – and in this case, the longest bear market in the history of

Just last week, Microsoft – the tech giant announced that it has started accepting Bitcoin for its digital goods. This was great news for Bitcoin as it further legitimizes the use case for mainstream market. Following the announcement, Bitcoin price surged 7.2% from a low of $339 to $364. But, once again, the day closed at $346. Another positive news and yet no rally that everyone has been expecting. In fact, after the China ban and MT.Gox debacle during early 2014, Bitcoin has seen positive news throughout the year. There have been constant

The end of bear markets are known to end violently. At the time of this post, 12/18, Bitcoin is trading at $322 on Bitstamp. The week opened on 12/15 at a high of $357 and saw high selling starting from Monday. One day RSI (Relative Strength Index) went from 45 to 31. The weekly MACD still remains red while weekly RSI indicates a sign of oversold.