Short Term Update: MtGox daily chart

This is a short term view of last 3 months,the market after a long accumulation period spent at 13$ exploded to the upside without any resistance.

chart

I’ve talk about a target area at 24-26$ in my previous update, btc/usd reached this target area very fast but considering the strong reaction seen from the last low at 21.7$ i think that at this point is unlikely to see a drop , bulls are still in control of this market IMO. Instead  i’m more for a consolidation around 27$.

If 22$ got broken then i think it is a confirmed short term reverse and it might last some weeks but i’m confident that bitcoin will remain above 22$ for the upcoming months.

Every time the bears tried to push down the market the bulls quickly stepped in supporting and pushing the market higher, this is a typical behaviour that manifests the high level of bullishness in this market.

To conclude i’d like to add that this market has surprised me with its persistent strength. It appear the bears have simply walked off to the sidelines and waiting their turn to feed, probably ABOVE the all time top of June 2011 at 31.91$.

Personally i think that this year we will see an higher top,  at least at 45$, but it is not excluded an higher top at 75$, all depends from the level of volatility that there will be.

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2 thoughts on “Short Term Update: MtGox daily chart

  1. geek88

    We all know the fiscal debt issue is going to come back to make a lot of headlines, this will be bearish ,for traditional investments like stocks, bonds and mutual funds and maybe bullish for new investments assets like bitcoin. I’m bullish for 2013

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