Short Term Update: MtGox daily chart

This is a short term view of October,the market after a long weak phase spent at 11.8$ started with decent volume to rise.

I’ve talk about a maximum target of 12.8$ for this month (after the huge drop of first days of October) in the previous update, at this point is unlikely to break it , i’m more for a consolidation around 12$.

As you can see in the chart the net volume spiked showing that some investors are coming back in this market, i think that the fear of a collapse is fading away and it will not return if price stays above 10.6$ where i’ve also my monthly moving average (around 10.5$) is providing support.

If 10.5$ got broken then i think it is confirmed a reverse on the weekly chart and it might last some months but i’m confident that bitcoin will remain above 10$ for the upcoming months.