Another leg down

We are witnessing another leg down on a big volume right now. There are a lot of 1000 BTC sell orders coming into the market. I'm still acumulating, the lower the price, the more bitcoins I get.

Bitcoin Price Downtrend Comming To An End?

If we look at the chart we can see decreased volatility in the last month. This tells me that the current downtrend is slowly coming to an end. I try to avoid technical analysis when looking at bitcoin prices, simply because the market is so tiny that one person can dramaticaly move the price at any moment. But this event is important. It means that there is more and more people willing to buy bitcoins at the current price, in other words more support and less risk to the downside.

Now, I wouldn't bet everything I have on this, but I already started to acumulate. I turned on my automated bot and told him to buy a little every 60 minutes.

Proceed with caution, we've seen the same thing in July and then the price fell through the floor. You never know when one of the early adopters decides to buy a new sports car...

My Bitcoin Story

This is my new Bitcoin blog. I am a software developer and an investor. I come from Europe, have more than 10 years of software development and 5 years investing/trading experience. Primarily I trade gold, silver and oil futures options, EURUSD currency pair (mostly FX options). Sometimes I trade S&P 500 futures too. I also have long term investments in quality stocks, with strong business behind them. And yes, some physical gold and silver.

My BitCoin story
About 6 months ago a good friend of mine sent me a bitcoin.org link. I opened the page, read a few sentances and closed it. A month later he told me that he had just bought a few coins. At that moment I became more interested, opened bitcoin.org again and started reading. A few hours later I was totally into it. I deposited 100 euros to Mt Gox exchange and bought my first digital coins at 3 or 4 USD per coin, I don't remember the exact price. The price started to skyrocket then and I didn't want to buy anymore at such high prices, so I decided to invest some money in mining. I ordered two 6990 Radeon graphic cards and started generating coins. It turned out to be a great decision. If I spent 1500 euros and bought Bitcoins at 20-30 USD I would be deep under water now. Instead I have my machine in the basement, generating 1 BTC/day and I can still sell the equipment for at least 800 euros.

About my blog
Sometimes I go to Bitcoin forum and read what people have to say. A lot of people there know how Bitcoin network works, but it is amazing that majority of them have no clue about economics, politics... I think I can contribute some of my economic knowledge to the Bitcoin community. I will publish my thoughts on the Bitcoin future, Bitcoin economy developments, current prices, I will write about events in world's economy and what it means for Bitcoin economy.

I hope you will like it.