Short Term Update: MtGox 3h chart

After the breakdown of the trendline of the ascending triangle one should expect a down major move, i see this drop instead as a market glitch probably imputable to bitcoinica resolving some sort of hedging issue; that drop developed in a symmetrical triangle that has been broken slightly to the upside with price bouncing back to 6$-6.2$.

At the moment the mtgox book is unbalanced to the ask side, not much bullish and it will be difficult to go above 6.7$ today where the ascending trendline is now acting as resistance.

I tought 5.5$ was support but the BTC/USD touched 4.64$ during the spike, i think it might drop again to 5.2$ before resuming the uptrend.

In all this mess the daily net volume dropped consistently but the cumulative net volume since the 1.94$ low of November is positive with +127000 btc, the long term picture is still bullish; to give you an idea during the june 2011 top the all time high of the net volume was around +740000 btc then it fall to zero at november 1.94$ low after a protracted and severe downtrend.
It is interesting to observe that since the inception of MtGox exchange the cumulative net volume has never been negative confirming the underlying long-term bullish market.