Bitcoin Market Update:
Nothing much has changed since 2 days ago, we are range bound between 520-495. While that is a big range, the volatility from recent bear trend hasn't decreased. Overall volume is still above average, but lower from recent move.
Since we are consolidating now, we can assume that traders have accepted this price level; they deem this level as "fair market value" for the time being. If not, we would have a reversal or further sell-off. While I cannot predict when or which direction is next move, the likely hood of it going down is higher since we are in a bear trend.
Follow me on twitter or my blog ibankbitcoins.com @ibankbitcoins
Nothing much has changed since 2 days ago, we are range bound between 520-495. While that is a big range, the volatility from recent bear trend hasn't decreased. Overall volume is still above average, but lower from recent move.
Since we are consolidating now, we can assume that traders have accepted this price level; they deem this level as "fair market value" for the time being. If not, we would have a reversal or further sell-off. While I cannot predict when or which direction is next move, the likely hood of it going down is higher since we are in a bear trend.
Follow me on twitter or my blog ibankbitcoins.com @ibankbitcoins
