Short Term Update

UploadImageSince my last update bitcoin tried to reach 122$ but it stopped rising  at ~104  just below the first price deviation line. I’m not happy about the missed move up to 120$ that i was hoping to see , once i saw BTC/USD failing miserably to go above 108$ i’ve immediately understood that there wasn’t enough fuel for a serious reversal; indeed, since that top, bitcoin stalled under 100$ and then dropped 10$ today. At this point i think that the downtrend resumed and the first level to test is 81$.

I continue to recommend to you guys to don’t invest at the moment, for who is already invested for the long term as long as BTC/USD stays above previous long term top (32$) it’s all fine but, for a better understanding of the long term outlook, i prefer to wait August that has been always a thougth month with high volatility; in 2011 a big drop, in 2012 the infamous pirate40 sell-off, thus it is not excluded a serious bottom next month.

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