Short Term Update: MtGox 2h chart

This is a short term view of the last 7 days (the distance between two vertical dotted lines is 24 hours), after the first up swing the market retraced down to the fibonacci retracement of ~62% at 13.3$ and it’s rebouncing from there approaching to what i call the death zone represented by the 7/8 of the distance measured from the low point to the high point of the reference swing. In this case it would be the area around 14.4$.
I call it the Death Zone because this is where many promising new swings die an early death without going above the reference top.
I’m not going to buy here because of the negative overall scenario, but for who want to give a try i recommend to apply a tight stop loss if the fibonacci retracement fails to provide support.

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7 thoughts on “Short Term Update: MtGox 2h chart

  1. Anony Mouse

    How long before the weekend dip kicks in?

    Mt. Gox EUR deposits won’t be any sooner than Tuesday, so this is kind of like a 3 day weekend.

  2. mark

    Enky, do you think we will go up? the price difficulty ratio is at an historical low, price should bounce soon or otherwise miners will stop mining bitcoins because of unprofitability

  3. I think some of the larger ASIC and FPGA miners will keep the network going as they have already outlaid the capital for their rigs and have little concerns about power usage.

  4. I’d keep an eye out on what might come out of multicoin. A new virgin block chain that gains critical mass will really heat things up.

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