Short Term Update: daily chart at BTCchina

chartThis is the first update for BTCchina exchange on my blog and i dedicate it to the growing Chinese community of investors that led the recent rally from 700 to 1300 CNY.
While profit taking in recent days has held up perfectly the VWAP support level the price drop has been an excellent buying opportunity. I believe that if prices remain above the VWAP we could see a further rise towards the second line of statistical deviation of the VWAP which is currently positioned at about 1650 CNY.

In the event that the VWAP level is broken to the downside, i believe that we will find a strong reaction from buyers around the level of 700 CNY that should hold up without problems and it would be an amazing buying opportunity for the medium term.

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