Bitcoin Price Move below $600 Continues

If you remember our comments on Bitcoin and Mt. Gox from earlier this month, you’ll recall that we mentioned theories that admitted the possibility that Mt. Gox still held over 400,000 bitcoins in its accounts. This crypto casino boasts over 300 games, including slots, table games, video poker, and a live casino. Not only will you be able to enjoy high roller games, but you can also have fun playing Flush Originals and enjoy an exciting VIP program. Learn the Game: Understanding the rules and strategies involved before diving into a high roller game is important. Investing, trading and speculation in any financial markets may involve high risk of loss. Mike McAra, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice. Summing up, in our opinion one should wait for at least another close below $600 before going short. The move above $600 and the subsequent pullback suggest that there is short-term weakness in the market.

Today, we have seen a continuation of the move down, interrupted by a strong move above $600 which was quickly denied. This is an important piece of information since this was the first daily close below $600 since Mar. 2. The short-term outlook became more bearish than not. By reading Mike McAra’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Although the information provided above is based on careful research and sources that are believed to be accurate, Mike McAra and his associates do not guarantee the accuracy or thoroughness of the data or information reported. All essays, research and information found above represent analyses and opinions of Mike McAra and Sunshine Profits’ associates only. Mr. McAra is not a Registered Securities Advisor. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. What is important, Bitcoin attempted to get back above $600 earlier today but failed to do so. Please note that the reasons for their disappearance and the exact number of bitcoins which disappeared is still under investigation and that the above figures may still change depending on the results of the investigation.

Any ideas that Mt. Gox may actually be sitting on more bitcoins than it had publicly announced just gained a lot of credibility. As such, it may prove wrong and be a subject to change without notice. The price is still below $600. It is still already heavier than yesterday but the overall bearish short-term implications are weaker for BTC-e. If Bitcoin closes today below $600, we might consider shorts but we’ll take into account the overall market environment. In our opinion, going short now might prove profitable but it also is risky. We would like to see Bitcoin actually close below $600 today before going short. The currency closed the day below $600 (dashed red line on the chart) and the short-term outlook became bearish. Yesterday Bitcoin slipped below $600 (dashed red line on the chart) on BitStamp and closed the day below that level. Even though the situation is now more bearish than yesterday, we would like to see Bitcoin close today below $600 before expressing any opinions on shorting Bitcoin. We more and more come to see what kind of organization Mt. Gox is (or used to be).

The current action suggests a more serious move down just around the corner but this is not a sure bet. At the moment of writing (before 11:30 EDT), Bitcoin is 2.5% down from yesterday’s close. On BTC-e we saw Bitcoin go 3.8% down yesterday on increasing volume. If anything is different on BTC-e than on BitStamp, it is the fact that the volume on BTC-e hasn’t increased as much as on BitStamo. The short-term outlook is now bearish reinforced by increased trading volume. Trading position (short-term, our opinion): no positions. The question remains whether this is enough to open short positions. Cutting right to the chase: we don’t think going short is a good idea yet. Just when you would think the situation with Mt. Gox couldn’t get any stranger, it has. A hearing took place on March 8 where a detailed explanation of the situation was made to counsels. On March 7, 2014, MtGox Co., Ltd.

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