Long Term Update: MtGox Weekly Chart

As i said in the last post, for the first time in five months the weekly moving average i use turned bullish and also  the inverse Fisher Trasnform Relative Strength Index or RSI crossed the buying thresold located at -0.5  confirming the weekly uptrend.

I think this is a nice buying opportunity like the other one happened in mid april at ~0.7$; now the next step is to break the first important static level at 4$, a move that will bring more buying power so to reach a first important target in the 7$ zone.

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8 thoughts on “Long Term Update: MtGox Weekly Chart

  1. brutus

    I think I am on safe ground when I assert that investor sentiment is quite negative. I think that is an understatement but to be a contrarian here requires a short time horizon.
    We will have our day

    1. Henry B.

      We will test the area around $4 soon. Even though the depth chart is deceiving and doesn’t tell the whole story, it has some truth to it. We have seen a significant buildup of bids and decrease in asks recently to a point that the pressure to go up is getting higher and higher. We are very close to running over $3.5 and then a test of $4 is imminent. It’s interesting to see what happens then.

      1. Thanks for your comment, i monitor also the uptick downtick data on a weekly basis to understand where the pressure is directed.
        It is very important to observe the cumulative difference beetween uptick and downtick (the net volume) since the beginning.

    2. Henry B.

      If $4 breaks decisively we will most likely see the “investor sentiment” brutus is talking about turn to bullish. From a longer term perspective I mean, the short term has been bullish already. For the final reversal to a “super bullish” state it would require reaching the target around $7 that Enky mentioned.

  2. maverick

    I believe after the first few days of Jan we should then start to see this market obliterate. Further the extreme volatility that we have been experiencing, in my opinion, normally dictates further falls ahead.

    1. georgekinsley

      im still favoring a long term low mid to late next year and not thinking of this as anything other then a typical bear cycle with in a longer term bull cycle

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