Long Term Update: MtGox weekly view

The situation is very clear using a longer time frame like the weekly one.
Since the June top at 32$ every weekly bar have had a lower high, the bounce from the recent 5.74$ low has completed and now we are resuming the downtrend. A first important step for a weekly reversal to the upside will be to do not break the recent low with an higher low maybe around 6.50$, from there it is necessary to break above the 12$ resistance; without all of this it is impossible to avoid a new low under 5.74$

The inverse RSI fisher transform is oversold for 5 weeks now (it has never happened before) confirming the downtrend .  For all the long term investors i hope that the slide will stabilize over 5.5$-6$ during september but the BTC/USD needs a new wave of fresh investors otherwise this downtrend will never stop (eventually it will slow down) due to miners that needs to sell bitcoins to pay back mining costs.

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7 thoughts on “Long Term Update: MtGox weekly view

    1. Enky

      A Ponzi scheme is a fraudulent investment operation that pays returns to separate investors, not from any actual profit earned by the organization, but from their own money or money paid by subsequent investors. It is not the case here, because there are not promised returns, it’s a currency not a stock; and second it is not a fraudulent investment, you are buying a currency with real services and safe transactions.

    2. adsense

      it is obvious that bitcoin doesn’t have nothing to do with a ponzi scheme, it’s a currency and we speculate versus the Us dollar, it’s speculation not a ponzi scheme.

  1. adsense

    I rather doubt btc usd is going to 12$ or above now.
    It has been meandering and making no upside progress for weeks – feels very much like the stock market did at the end of July.
    I think the break will come on the downside and will be quick and unpleasant. Highs of the year in at 32$ and target 4$

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