Short Term Update: Daily Chart

UploadImageThe market is finally showing some bullishness but it is not enough for me to say that it is a long term reverse. After doing a bottom at 65$, just above the long term support i’ve indicated in my last update, it reacted nicely up to the resistance price zone i’ve previously forecasted, around 90$. I think that BTC/USD might reach 95$ and find strong resistance by the short term and long term VWAP, both standing there.

I’ve to add that my weekly moving average is at 97$, so it’s pretty normal a pull back up to it before resuming the downtrend. To conclude  i’m remain bearish and only strong buying pressure above 95$ would convince me of the contrary.

In case of a strong break out and the come back to triple digits the first resistance is around the first deviation line of my short term VWAP, it’s located at 108$ and then at 122$ the second one. So, first a break out of 95$ and then reach 108$, subsequent pullback for a retest of 100$ and then 120$ might be the first steps for a long term reversal.

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8 thoughts on “Short Term Update: Daily Chart

  1. This hitting on the 100-102$ and bouncing back down, for 3 times… does it provide you any information on the likeliness of breaching it? Does the system have “memory” for these things?

    1. We bounced against the 97-100$ mark and are stucked at 90-93$. Do you guys thing the bearish trend is confirmed? Is there hope for another attack on the resistance?

      1. the recent spike to 104 i think it is a bull trap, using bitstamp exchange data the price never surpassed the short term VWAP, confirming the weakness of the overall trend.

  2. ionication

    However, the VWAP for Bitstamp should be lower than for Mt.Gox. The price has been 4-6% lower at Bitstamp for several weeks whatever the reason. From my data the VWAP at bitstamp was indeed surpassed and currently still is.

  3. sucksess

    Bitcoin is going to collapse very soon. All of these Bitcoin Wallet injectors and BTC doubler codes, are literally counterfeiting BTC, and BTC is just not that stable yet. I can’t lie, I use a BTC doubler and now work part-time because it makes me so much money without any effort. lol I’d suggest anyone wanting to get the most out of Bitcoin to use a BTC doubler before Bitcoin ceases to exist. I have one if anyone wants it. Skyp e: Dejanero7

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