Short Term Update: Mid month View at MtGox

chartAfter the initial price shakeout down to 109.70$ sellers failed to take control of this market, from there a strong daily uptrend started and quickly broke the 131$ intermediate resistance, a level that I thought it was hard to pass in case of a mere technical rebound after a strong bearish bar; instead BTC/USD reached the 153$ today above the 148.9$ top of September that it’s now a  broken resistance.

At this point i think that 167$ will in any case provide some resistance to this trend and it should be finally reached before the end of this month.

Volume activity is increasing thanks also to china gaining momentum since 2 weeks, a nice surprise and in the event of chinese big players trying to get on the train the momentum could increase to really high levels and probably my target of $ 167 might be a little conservative.

Long term VWAP third deviation line it is currently at 200$, a more probable target in case of strong momentum.

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4 thoughts on “Short Term Update: Mid month View at MtGox

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