With the dropping volume, the only chance to avoid another drop would be if some bitcoin salesman get some simpleminded rich person to buy a lot of coins from the market.
The only thing that keeps the price from dropping is the overheated mining bubble. Most don't want to sell this low, and admit that they don't see any ROI with their mining equipment.
But this is not a solid hold, but a desperate and fragile hold. When the first miners will start to think "fck it, I'll cut my losses and move on", then their sells will trigger an avalanche. Most of the miners who are holding are nervous and they will be motivated to cut their losses if it seems like it's best to sell higher now, then lower later.
I think that everyone who are holding bitcoin's at the moment for investment purposes are fools who are taking a needless risk. You could always buy back when there will be any news that give a real reason why bitcoin price should rise. Right now they are betting against the odds, because if nothing important happens, then the volume will continue dropping with the price.
The only thing that keeps the price from dropping is the overheated mining bubble. Most don't want to sell this low, and admit that they don't see any ROI with their mining equipment.
But this is not a solid hold, but a desperate and fragile hold. When the first miners will start to think "fck it, I'll cut my losses and move on", then their sells will trigger an avalanche. Most of the miners who are holding are nervous and they will be motivated to cut their losses if it seems like it's best to sell higher now, then lower later.
I think that everyone who are holding bitcoin's at the moment for investment purposes are fools who are taking a needless risk. You could always buy back when there will be any news that give a real reason why bitcoin price should rise. Right now they are betting against the odds, because if nothing important happens, then the volume will continue dropping with the price.
Finally, a sane person here.
"Anyone holding bitcoins at the moment for investment purposes are fools"
Sounds like you don't hold any then, Mervyn.
"Most of the miners who are holding are nervous"
Not sure who elected you a spokesman for the mining community!
The only conceivable reason you would hang around posting negative tosh on here every day - is the same reason the other newbie account trolls do likewise - you desperately want to buy bitcoins at a lower price than today. Come to think of it: fonzie, cosmofly, igorr et al seem to have gone awfully quiet.
You have as much idea of which way the price moves as everyone else simply watching the price on here - that is none.
Anyway, good luck in your accumulation!
Kids watch the price and praise talk, big boys watch the volume and fundamentals.
Yes well the fundamentals are something that seem to have been forgotten in this forum for several months.
