Short Term Update: Mid-Month View

UntitledAfter my previous update this market has recovered from the static support at 125$ back to 141$. With this reaction i’ve to conclude that it might move a bit higher over the coming weeks to my long term target of at least 168$. In addition, prices are holding above the short term VWAP and at least in the short term the situation remains bullish despite some bearish bias of my last update when i was a bit skeptic to see prices above 125$.

First resistance for this month is 147$ and support always at 126$ or so, if BTC/USD stays above VWAP at 137$ i’m not much worried for my trade opened at 140$.

I’d like to conclude this quick update talking about the complicated situation at Mt.Gox.
Frankly speaking i’m a bit worried of the lack of transparency and communication from MtGox, with the last official statement dated August 5, more then 40 days without any official news about the impossibility for who is requesting a wire transfer withdrawal from his account to be completed in a decent time frame and for “decent” i mean days and not months like now.
I have a friend that has been waiting so far more than 3 months since his initial withdrawal request, this is not acceptable, at a first glance i should say that this is a criminal behaviour but i don’t know all the details of what is going on at MtGox.
Aniway, the paradox is that this problem will increase the pressure on prices because the only way to withdraw money from MtGox is to buy bitcoins, this of course explain the price difference with btc-e and bitstamp exchanges. I dunno how it will end but one thing is sure, volume activity is dropping at MtGox and increasing on other exchanges and this is not so bad after all.

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3 thoughts on “Short Term Update: Mid-Month View

  1. krolls

    Enky, where would you open a short term trade right now. I saw your Twitter post with range 131 to 151 for this week

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