Long Term Update: Daily Chart MtGox

As i explained in one of my previous post the Ross Hook is an elegant and clean method to trade stocks/commodities.
Here the BTC/USD, after a severe downtrend from 7$ to 2$, looks like it has reversed its direction following a 123 formation  (i repeat that a ross hook must occur after a 1-2-3 trend reversal formation has taken place) and make a Ross Hook at 3.82$, 3 days ago.
This price level was also an old bottom (7 october) now  of course resistance, BTC/USD going above 3.8$-3.9$ means also that my weekly moving average will reverse to the upside after a fall of many months, it could be a good buying opportunity if this scenario will materialize.

3 thoughts on “Long Term Update: Daily Chart MtGox

  1. ivan

    Dear Enky,
    I agree, btcusd has turned up, but I don’t think that 2.5 is the support now. At least 2 should be retested before continuation up

  2. michael

    It is virtually impossible for bitcoin to trade above to the $3.5-4 dollar area and (at the same time) have the bitcoin transaction activity falling down. mining speed is falling, 3.8$? a fake correction, it is headed down.

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