Long Term Update: MtGox Weekly Chart

After failing again to break through my weekly moving average the BTC/USD moved to a new low of 2.26$, continuous failures to go above my reference weekly moving average is a confirmation of the overall bearish outlook at least on a weekly basis. I can speculate to project a new bottom and i’ve a new support at 1.50$ to be reached by the end of november. Also if i extend the current trajectory of my ALMA weekly moving average it will reach 1.5$ again by the end of November.

Considering that BTC/USD is always under my weekly average, it is a true possibility to see 1$ or even lower (due to a fast dip) in a month and a half from now.

Advertisements