Quick Short Term Update: MtGox Daily Chart

We have just seen a 2 day break and the question is whether or not it is just the first stage of something bigger; i’ve the answer and the answer is no, i think bitcoin will hold the 15$ level, 15.4$ was also the old August 2012 top and i think that now this level defines a price support area. I don’t expect a bearish development after the prolonged period of accumulation spent at 13$ that fueled the rally up to 19$, and as long as it stays above 15$ level it will have an upside potential the bitcoin/usd currency pair.

To conclude looking the net volume i haven’t seen a big aggressive selling activity during the sell-off, buyers supported very well the drop and i interpret this as bullish behaviour.

chart

 

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