Short Term Update

UploadImageNot much has changed since my last update, BTC/USD is still above the short term VWAP and in the short term my bias remains mildly bullish despite since the beginning of june all were claiming as the truth their forecast of a new crash coming, a repetition of the 2011 pump and dump scheme or the collapse of the bitcoin economy:)

As a contrarian believer i consider this bearish crowd behavior among investors a confirmation to the fact that we are not going to see a repetition of the 2011 extreme bear market, instead a consolidation around 80$-100$.

In the meantime I think support beneath the market stands near the 80$-85$ support zone and it might be tested during this month; it could be a decent buying opportunity for all the investors interested to join the long term ride. Keep in mind that before reaching the support area at 85$ there is the average at 94$ providing good support and considering the current low volatility environment  it’ll not be easy to break that price level. No one is selling aggressively right now, this means we need higher prices to see bears coming.

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