Long Term Update: Weekly View at MtGox

This is a weekly view since october 2011. It is visible the November low at 1.94$ and the top at 7.2$ that has been broken recently, in the second pane of the chart there is the net volume and it’s clearly visible the strength of the current solid uptrend.

It is very important  to see buyers coming back in the form of a strong positive net volume on a weekly basis (we are close to ten weeks of nice buying pressure).

I included as usual a forecast for a mid term top, considering 25 weeks for this upswing and full historical volatility it will be very hard for BTC/USD to go above 13.9$ by the end of Septermber 2012 and as i said on my previous update i’m tempted to sell at around 8.5$ if i see some bearish signs; by the way the market seems to be holding well at the moment.