Short Term Quick Update: H8 chart

UploadImageThis is a view of this month and it is visible that BTC/USD failed to go above the short term VWAP level at 112$ (now 111$); i’m worried of the recent weak behaviour and i’m starting to have concerns about the health of the long term uptrend but as i stated in one of my previous long term update i still think it’ll not go under 50$ this summer.

Again, in case of strength above the vwap level at 111$ i will change the short term outlook from bearish to bullish.  For now, i see the possibility to reach the 90$ support so to attract buyers and let BTC/USD rebound few $$.

One thought on “Short Term Quick Update: H8 chart

  1. Mark.

    It looks like the doubts about mt.gox future may have been influencing trading in the last week or so.
    With the news today that they have registered properly, as a MSB with finCen in the US, it may alleviate some of these worries.
    It puts Mt.gox in a strong position to use this as a platform to develop their $ business – there needs to be a big shake up in the way people buy bitcoins. People simply do not want to jump through so many hoops.
    (I still remain bearish medium term though)

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