Long Term Update: Weekly View at MtGox

I think we are seeing a correction in a weekly uptrend, if the BTC/USD will drop under 4.7$ the picture might change a little, in this case we will see probably the bitcoin moving sideways in the 4$-5$ zone

Judging the last bar of this weekly chart net volume i dont see a great selling pressure and i’m not worried for my short term trade, at the moment i’m still bullish.


One thought on “Long Term Update: Weekly View at MtGox

  1. bobo

    I rather doubt bitcoin is going to 5.50$ or above now.
    It has been meandering and making no upside progress for weeks. I think the break will come on the downside and will be quick and unpleasant. Highs of the year in (januar ytop) and target 3.5$
    At bitcoinica most are short at the moment.

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