New to Bitcoin? Make sure you read the things you need to know about the Bitcoin Market in Canada. We've put all you need in this updated post!

Bitcoin Market Update - June 1

BruceWayneBruceWayne Member Plus
Here's a quick update on the market

image

As was mentioned that there's the potential for a soft fork in Bitcoin clients and the market did notice. The down arrow points to when chatter about this really started to pick up which pretty much points to where the markets started turning down. From what I understand the proposed fork may not occur for months so hopeully in that time a lot of the questions marks regarding it will be solved, or, even better, the Core client will do a work around to prevent this from even being a discussion at all.

While the market has been trending down there is support in the $210 range so you can place some bids as this goes down and feel relatively safe that $210 area will hold. If prices do drop below $200 solidly and on volume then it's another steep drop to $150. I don't suspect we will drop below that level since we've pretty much put the future of the client out there and that prices have yet to drop that hard it's still a safe bid at these levels, but the only thing you need to worry about is pure idiot momentum, but unless you're a day-trader this shouldn't be an issue.

Just watch for the $210 area to hold. We'll see next week how this strategy turns out.
Sign In or Register to comment.