Long Term Update: MtGox Weekly Chart

After failing to break through my weekly moving average the BTC/USD moved back to a short term downtrend with a lower top at 6.8$ after the previous one of 7.3$; i initially though that a bounce to 8.5$ was possible  but i was wrong, the market failed to going above 7.3$

At this point i’m not so sure about the main 4.2$ bottom, continuous failures to go above my reference weekly moving average is a confirmation of the overall bearish outlook at least on a weekly basis. I can speculate to project a new bottom and i’ve a new support at 4.1$ using an halved volatility factor, with a standard value i have a level around ~3.5$ where i think strong buyers will come back for a new buying opportunity.

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5 thoughts on “Long Term Update: MtGox Weekly Chart

  1. Rastani_Is_Right

    Despite this bear market I’m still buying occasionally. Bitcoin will benefit in the same way that precious metals will when the US dollar / Euro etc fall into ruin. Bitcoins day will come, it’s waiting in the wings patiently until then. I can’t speak for other investors but rather than trying to time the bottom just accumulate a few now and then and hold onto them.

    1. Enky

      I think the same, probably next year when the value of a single block will halve from 50 to 25 bitcoins thus reducing the current high inflation of bitcoins.

  2. razor

    is very likely the low is in.

    bitcoin made a higher low from the August low and is holding two key trendlines from August…

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