We've been in this year long downward channel since the peak price points on Bitcoin in December of 2013. It's very possible that by end of December 2014, we will be bumping up again the top of this channel again, second attempt at trying to break out of the down trend. Things usually don't break out on first attempts, but a second attempt sometime between Dec 25th and Feb 19th (Chinese New Year).
There is a possibility that the Chinese Red Envelope gifts may affect prices as the Chinese drive the price upward by buying for their gift envelopes. However, if we do not break above the $500 mark, the gifts may signify death (4's in cash gifts signify bad luck).
There is also potential for last minute end of 2014 value increases as buying happens, if anything happens like it did last year. Look for last minute announcements prior to the end of the year for new acceptance, possibly by Paypal or E-Bay or both.
Until then, we'll likely continue this slow downward trend until we can break out above it (we're in the upper 25% of the channel and we have been since May 24th 2014 (nearly 6 months, bumping along the top of the channel).
There is a possibility that the Chinese Red Envelope gifts may affect prices as the Chinese drive the price upward by buying for their gift envelopes. However, if we do not break above the $500 mark, the gifts may signify death (4's in cash gifts signify bad luck).
There is also potential for last minute end of 2014 value increases as buying happens, if anything happens like it did last year. Look for last minute announcements prior to the end of the year for new acceptance, possibly by Paypal or E-Bay or both.
Until then, we'll likely continue this slow downward trend until we can break out above it (we're in the upper 25% of the channel and we have been since May 24th 2014 (nearly 6 months, bumping along the top of the channel).