Long Term Update: Weekly Chart MtGox

For the first time in five months the weekly moving average i use is turning bullish. Last time that this happened the BTC/USD moved from 0.56$ to 32$, i think that this market found a strong equilibrium at around 2$ and it is starting to reverse to the upside, i can’t forecast the exact intensity of this potential upswing but at least i can give it a try, this is why i bought today 100 btc and i’m planning to buy again above 3.8$

The inverse Fisher Trasnform Relative Strength Index or RSI is easing from an oversold position and going towards the buy thresold located at -0.5, when the fisher RSI will trigger a buy signal the BTC/USD will be probably above 3.8$ confirming the weekly uptrend.

I think that this could be a tremendous buying opportunity like the other one happened in mid april at ~0.7$; the first important static level to break is 4$ and then i have a forecasted level at around 7.5$ ( assuming average volatility) as first major weekly resistance to be met within first half of 2012. I’ve to note also that the mining difficulty is starting to rise again, in response to the recent bullish behaviour.

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5 thoughts on “Long Term Update: Weekly Chart MtGox

    1. Enky

      I’m going to put at risk probably 10% of the accumulated profit i’ve had with btc, so i think i’ll stop under 1$, for now it’s a short term trade but i’ll might decide to carry it for long term.

      1. geek88

        It’s a large stoploss, at least for me:) but ok, you are risking 10% of the accumulated equity, aggressive money management , needless to say, every trader will have his own choices on stop loss orders

  1. bobo

    I’m glad to see that you finally entered the market, this give me a tremendous amount of confidence that bitcoin will go up for sure this time!
    I am long and looking to get longer

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