In my last post I finished with a look at bitcoin price heading to hopefully bounce off the top of the long-ish term log channel. This post will start with that updated chart.
Without any ceremony price looks a bit like it is dropping or has already dropped through the top trendline which we’ve been above since the April 2013 bubble took off, except for very brief spike in silk road panic. Maybe its still too early to call but if bitcoin is going to bounce off from here it better start looking a bit more convincing and do it quick.
If bitcoin is falling through that trendline, or already has then that could mean price is not going to take off any time soon, but more likely continue lower possibly for quite some time yet to eventually meet the lower trendline somewhere near $200.
Not jumping to conclusions quite yet but for first time in quite a long time might be considering selling bitcoin and rebuying at lower price.
In the alt-coin space however quite a few of the more established alts have had good runs lately. For example peercoin is having very nice spike after what must have been agonising long drop for peer-coin holders.
Others enjoying spikes in price include Dogecoin, Feathercoin, Namecoin, Darkcoin and probably a few others, noteably not litecoin (yet?). As bitcoin mining becomes less profitable are miners shifting to other alt-coins instead ? Is it worth considering the idea of switching some bit-coin to established alt-coins instead of fiat ?
Unfortunately Cloakcoin is not on the list of alt-coins getting a boost lately, my ‘favorite’ pick of the anoncoins is in complete disarray now and looks quite likely to be heading down to zero. I would love the devs to proove me wrong and pull a rabbit out of a hat with the promised POSA anonymity technology, but that scenario is looking less and less likely every day. After failed audit and missed deadlines the developers have all but disappeared now and coin looks to be dying. Very sad really, looked so exciting based on what was promised, credentials of the developers in the end dissapointed.
With most of my favourite investments heading down, it is testing times for my core assumptions that gold, silver and bitcoin will offer protection through financial calamity which is coming. However I still hold strong. Peering below the booming stock market the global economy looks as precarious as ever from my viewpoint. The soothing tales of recovery will eventually be replaced with shocking news that no-one could have seen coming.