Long Term Update: Weekly View at MtGox

The weekly moving average is acting
now as resistance, the BTC/USD after a strong bottom at 3.8$ rebounced exactly to my average at ~5.2$. I’ve seen a huge increase in the selling pressure during that bottom as it is visibile in the long negative net volume bar.

Without a proper breakout of the 5.2-5.4$ zone i dont think that the trend will reverse again to the upside going above the previous top at 7.2$, consequentally i expect for march a consolidation around these price levels (3.5-5.4$).

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