CommoditiesTrader

BTCUSD Bounce Likely, Downside Still Projected

BITSTAMP:BTCUSD   Bitcoin / Dollar
BTCUSD             is down nearly 82 percent since its bubble-top in November 2013             . Can anyone really fault the decent, being that we are talking about bitcoins relative to the dollar with the dollar index             at decade highs?

We've see a SHARP move in negative volume , which is typically followed buy quick buying ( BTC is seeing that now). The move could challenge $280 BTCUSD             , but this would likely be a selling point.

There is no need to fight sentiment because, well, we've seen that play out in the crude markets. The moves are also largely based on headline risk based on the technology that surrounds bitcoin . We've seen Bitstamp loose nearly $5 million in BTC due to hacking. Although they made clients whole, the continued vagueness around security measures is what is leading the crypto-currency lower.

The idea behind bitcoin is valid, and the technology behind it could change commerce. But, the serious buyers probable won't buy large until security flaws are hacked out.

Personally, BTCUSD             looks promising if $150, maybe $100 is reached. If the dollar retreats, we can also see some upside.
"the continued vagueness around security measures is what is leading the crypto-currency lower"

The problem is that the media is ALWAYS confusing Bitcoin, the technology and third-party companies having weak security measures while managing Bitcoin. First MtGox, now Bitstamp.

Not that this is anything new. When there is a fire at Foxconn, the Apple stock is also affected although their sold iPhones still work as the day before.
+2 Reply
What does that matter? Investors don't what to buy something only for it to rapidly depreciate or potentially get stolen via hackers. It literally went from $.23 to $1,100+ in a few years then collapsed by 81% in a year's time. Doesn't exactly bode well for confidence.

As I said, the idea and validity is there. But when there are no buyers, it falls. Bitcoin still works at $200 as it did at $1,100. However, when you bought it at $1,000 and it's now $200 there is a bit of an issue.
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"...until security flaws are hacked out."

Maybe not the best choice of words there.
+5 Reply
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