Long Term Update

chartOn June, 5 2013 i wrote a long term update with a monthly chart included, at that time i was expecting a mild correction of 6 months with a final low above the 2011 top at 32$, instead this market started to rally again well before with a bottom in July , 3 months only after April top and with a bottom at 65$, much higher then 2011 top and i interpret this as a very bullish long term signal (when market bottoms and tops are well above previous ones).   I think that this market is on its way up above previous top of 266$ and the breakout might occur later this year or at the latest in the first months of 2014, as a confirmation of the growing interest in bitcoin the mining speed of the network is continously growing without showing any slowdown.

Regarding my open trade at MtGox i’ve now completely abandoned my operativity with it, i’ll trade from now on at Bitstamp. I’ve decided to keep my long trade open for now   (50 bitcoins bought at 140$ at MtGox) despite this market almost reached my mid-term target (185$ at stamp and 200$ at gox). For who is long and wants to play safe it is advisable to close at least half position and cash in some profits.

As i side note I would like to add that the decline in volumes and market shares of MtGox is really a good news, you couldn’t go along with a fully-centralized worldwide single exchange , it can’t last much. Now with btc-e , btc-china and bistamp the situation is much better and fairly uniformerly distributed as it should be in a foreign exchange market.

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2 thoughts on “Long Term Update

    1. Brian

      The overnight correction should provide the buying opportunity your looking for.

      I can’t help but to wonder if now is when the weak money gets in, just before a bigger pullback.

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