Long Term Update: Weekly View at MtGox

The weekly moving average is pointing  upward again after the huge sell-off from 15$ to 8$, the BTC/USD reacted quickly to the moving average itself and now i think bitcoin will initiate a sideways move around 10$

I’m skeptic about a big correction because the buyers are still dominant compared to the sellers during this strong uptrend and one big investor can’t control the market on a temporal scale, it’s much more difficult to consistently manipulate a market on a time basis therefore i’m not much worried for the presence of this big player at MtGox, the only damage he can do is to add volatility that might deteriorate investor sentiment.

More info in the attached image (click to enlarge),
see you at the next update.
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6 thoughts on “Long Term Update: Weekly View at MtGox

  1. geek88

    Hi Enky, happy to see this pretty blog up and alive!
    Weekly moving average still pointing up? what does this mean? That bitcoin will stay at 11$?

    1. Enky

      HI, thanks for the appreciation. Well at the moment the weekly moving average is pointing down due to the recent drop at 10.2$
      Let’s see if bitcoin will slowly drop to the 7$ area and react from there, it could be a very nice buying opportunity.

      1. Enky

        By mid November assuming a medium level of volatility.

        Remember that it’s a possibility, i’m not sure it will go down to 7$, all depends from the inflow outflow of $$$ from the exchange, if there is an abundance of $ it will probably stay around 10$-11$ for a while and then go up.

  2. mike donnelly

    Hi, i discovered your blog recently, good job i like your style and very impressive work! 🙂
    Do you still use the Joe Ross theory when deciding to open a trade or not? i ask this because the author is well educated on the various techniques and theories of trading and so i consider him valid.
    Thanks

    1. Enky

      Hi Mike, Well Joe Ross Hook is a good tool to enter in a trendy market so yes you can use it to trade btc/usd, i recommend to use a weekly timeframe because there is less noise and less false signals.
      Bye

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