Short term Trade: H8 chart at MtGox

This is a view of last 10 days, each bar represents 8 hours. VWAP levels and deviation lines are computed using last 30 days. I’ve bought on a price breakout at 123.4$, after a normal retracement above the vwap the BTC/USD has resumed the rise. I think the first strong resistance will be around 137$ at the first deviation line, the second one is at 150$, a more serious resistance to be broke with some difficulties. The volatility dropped to very low level and i consider it a good thing for the overall stability of the currency; with current level of volatility it will require time to reach 150$, at least one month. For this week support stands at 120$ and resistance at 137$.UploadImage

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3 thoughts on “Short term Trade: H8 chart at MtGox

  1. The price has been much more stable this passed week. I think that we are beginning to see the first stages of non-volatility in a while. Great write-up!

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