Short Term Uptdate: MtGox Daily Chart

Initially i thought about a break down of the 2$ big support, but BTC/USD after a huge selling climax bar reacted to 2.47$, i now have to reassess my view giving 2.8$ as next target. Usually when a big downside bar develops its starting point become resistance and in this case the resistance is the 2.8$-3$ zone.

Only with a  genuine upside breakout of the Ross Hook at  the 3.8$ level the overall bearish scenario will change in favour of a bullish one. I’ll check if the BTC/USD will form again a 1-2-3 formation and possibly a new Ross Hook  for a lower entry point  (compared to the old one located at ~3.8$) where to go long on the market.

 

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4 thoughts on “Short Term Uptdate: MtGox Daily Chart

    1. It could, i’ve a major resistance at 3.5$, if it will go above 3.1$ then i have to conclude that the drop is over and it will (at least) stay in the range 2$-4$ for few months.

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