To be honest, every long term investors hoping that btc would jump from those circled levels. If those trend lines would be broken, ppl will lose their hope and alot of sell off action would happen. So possibly go down to 3500-5000 range. Wondering why im so sure about this? Just see the gold, uranium and silver market experience. Those commodities jumped few times from their particular suppport level, but after that support level got broken, they never came back to those support levels. Those supports turned to strong resistances. So if we once break down below 6000-6700 level, it will be really for hard btc to come back to that level again. Even on altcoins too.
My thought on why btc is falling:
1. Mtgox selling alot of btc
2. Futures contracts started trading btc
After all, but if we look at log scale on daily chart, we are still in uptrend soooo... So yeah
My thought on why btc is falling:
1. Mtgox selling alot of btc
2. Futures contracts started trading btc
After all, but if we look at log scale on daily chart, we are still in uptrend soooo... So yeah