Bearish channel

AF Bitcoins

Was intending to write an entry yesterday but the events of the precious metals markets captivated my attention. Predictably the mainstream media are crowing about how investors are flooding out of the gold market, because they can’t ‘trust’ gold! Ha, thats funny. Its nothing to do with massive selling, naked shorts by HFTs to trigger sell stops. Oh no no no.

Anyway, without further ado back to bitcoins, heres a couple of charts ..

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This is the last 10 days on a log chart. From all appearances bitcoins are now in a bearish trend as if you hadn’t already guessed!

As I’ve mentioned before eg in my bull market tops post. This is just the normal next phase after a speculative bubble crashes. I believe we can now expect possibly a long consolidation period with a gradual decline. I wouldn’t write off entirely the prospect of a return to the…

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