2nd Bitcoin Bear Cycle

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
347 4 1
As mainstream media coverage cools off and fewer new investors move into bitcoin , sellers (taking profits) outpace buyers in bitcoin's 2nd cyclical bear market. This type of cycle is familiar to gold             and silver             investors.
Expect bitcoin to float below its 200-day WMA for some time before beginning another bull cycle.
3 years ago
Does ButterflyLabs shipping ASIC mining units factor into the spot price staying below the 200D-WMA? It would follow that early pre-orders being filled means many miners will quickly sell the first few coins to cover their opportunity cost, I would be interested to hear your analysis of the how the mining market factors into the current price.
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3 years ago
That's a very interesting consideration. Personally, I tend to think that side of the market has a much smaller effect on price than, say, a positive Wall Street Journal piece.
Might also be worthwhile to consider that many of the miners with the new ASICs are interested in holding Bitcoin for the very long term- with the understanding that it will replace the US Dollar as the world's reserve currency.
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3 years ago
The MACD is the most exciting metric this week, I am crossing my fingers for a break back to the positive corral.
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