Short Term Update: MtGox

On October 18, 2011 i wrote “…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….”, well i think that BTC/USD is on track to that target , i think that the 2$ bottom will not hold and bitcoin will soon test the 1.5$-1.7$ zone.

Why? BTC/USD  failed to pass through the Ross Hook at 3.8$ and resumed the downtrend. It is true that the weekly moving average is slowing and flattening but this process will require a couple of weeks to stabilize and eventually reverse to the upside, in the meantime the selling pressure will probably bring the bitcoin under 2$.