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Long

Bitcoin Buy Opportunity

OKCOIN:BTCUSDIDX   Bitcoin / Dollar Price Index
Now that Bitcoin             has had what some believe to be a long overdue correction from the summer's rally, I'm back to looking for long opportunities. The price fell sharply on news that Bitfinex, one of the top exchanges, had been compromised, however, buyers were quick to come in and buy up coins below $500.

Between the buying interest demonstrated near the current prices and the anticipated supply crunch from the recently halved inflation rate, this looks to be a good time to start buying again. I suspect prices will dip once again to test the support here, so scattering bids below current prices with a stop beyond the previous low is a good way to build a position.

Other news to watch out for is the ongoing block size debate, but barring something catastrophic happening to the network I don't see foresee anything that should affect prices negatively too much.
Comment: Target one hit, perhaps we can get a retrace to buy in now? :)
Comment:
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Looks like buy support may be too strong to for price to reach the bids. You never know with bitcoin so it doesn't hurt to have lowballs spread out anyway
The longer term forecast looks very good considering the amount of new coins being generated has been cut in half. The previous time this happened the price skyrocketed a few months later to over 20 times what it was beforehand, so by even very conservative estimates we should see prices heading well above the previous high around $1000. With miners earning 12.5 new coins every ten minutes that puts the current cost of sustaining the network at these prices at ~$1.1 million dollars per day. This is down from the peak of $3.3 million two months ago, and is close to what it was at $200 last summer.
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