Short Term Update: MtGox daily chart

 BTC/USD completed as expected the rebound up to 12.40$ i think that it will remain under it for the remaining part of this week. In my previous update i’ve said that i’d have considered a buy above 11.3$, well i’m not too much convinced for a mid term up movement because of the upcoming block halving date (it’s expected to happen tomorrow), it’s the first time that such event happens and i think that there is an high expectation by investors to see an increase in price, this is the main reason that let me think that this expected rise have already been discounted and when the halving block will happen it’s not excluded a serious drop.

In any case i’ll probably try a short term trade if the market retraces down to the previous resistance of 11.3$-11.5$ after the halving block date, if a more serious drop will take place i’ll stay out.

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2 thoughts on “Short Term Update: MtGox daily chart

  1. Geek88

    Hi Enky,good call the top at 12.4$
    I’ve already sold my bitcoins at 12.41 and yes, i agree with you, bitcoin will fall with the mining reward about to halve.

    1. adsense

      The market ‘s expectation is for a rise , if it will not happen after the block halve then it will crash for sure.

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