Quick Short Term Update: MtGox daily chart

This is a short term view since the recent bottom at 9.74$, BTC/USD just broke an ascending triangle going above ~11.30$, i interpret this as a first sign of a weekly reversal, it’s too early to draw a final conclusion so if i dont see more bullishness in the upcoming days i remain stick with my bearish view.

If a new daily swing has started then the price range forecast should be 10.34$ – 12.40$, if this market will go above 11.6$ in the next days then i’ll consider a buy.

The recent adoption of bitcoin by WordPress it’s a very good news to improve the popularity of this currency but i’m not sure if it will have an impact on bitcoin prices in the short term.

 

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