BTC Downtrend Continues
(As a TA newbie, this is mainly a note to myself)
Technical picture indicates a bearish channel. Also we appear to be following a course not dissimilar to the April crash pattern (see below).
Fundamental picture seems to weigh in favour of the bears
1. Reputational damage following BitInstant arrest
2. Uncertainty over status of MTGox exchange
3. Uncertainty over the impact Chinese New Year / withdrawals
4. Serious question marks over Houbis true volume / self trading
5. Russia effectively banning Bitcoin
6. Uncertainty of the level of regulation (NYC Hearings this week)
7. Bankers from Davos coming out strong against Bitcoin = institutional investors will be slower to put money in
Technical picture indicates a bearish channel. Also we appear to be following a course not dissimilar to the April crash pattern (see below).
Fundamental picture seems to weigh in favour of the bears
1. Reputational damage following BitInstant arrest
2. Uncertainty over status of MTGox exchange
3. Uncertainty over the impact Chinese New Year / withdrawals
4. Serious question marks over Houbis true volume / self trading
5. Russia effectively banning Bitcoin
6. Uncertainty of the level of regulation (NYC Hearings this week)
7. Bankers from Davos coming out strong against Bitcoin = institutional investors will be slower to put money in
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