Long Term Update: Weekly View at MtGox

I think that the bounce from 3.8$ is now completed, the weekly moving average is flattening out at 5$ where we have a series of daily highs with rising lows (ascending triangle), it’s time now to take a decision to break or not 5$ level for a first target at 5.4$, it’s mandatory now otherwise sellers will take again the control on this market pushing the prices back again to 4$.

Without this breakout of the 5.2-5.4$ zone i think that the BTC/USD will probably continue to consolidate in the 4$-5$ zone in the weeks to come.

During the last 3 weeks of rebounding prices i’ve noticed a slighty positive net volume, sign of a timid comeback of buyers.

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2 thoughts on “Long Term Update: Weekly View at MtGox

  1. geek88

    HEY ENKY! how is going?
    i’m happy that you are keeping us informed in the effort of taking the right trading decision!
    bye

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