Short Term Update: 8h chart MtGox

In the last update i said that i was going to buy again if the BTC/USD would have rised to 5.4$ and fall a bit; well it it happened but during the recoil phase of the cycle it dropped too much down to 4.5$, i’m not going to buy if this weakness persist, moreover the weekly moving average is still pointing down due to the recent drop to 4.5$.

I’ll remain out of the market for now, i want to see also a positive rate of change for the slower weekly moving average before buying; the overall picture is still bullish but uncertain in the short term.