This is a four hours chart using BitFinex, i’ve decided to move there but it’s a temporary decision, i’m not particularly ecstatic about an exchange that used the stolen code of bitcoinica as a starting point. I decided to ignore hitbtc because they are blatantly faking volume activity since mid april; an unfair practice that i really hate. I’m currently exploring also ItBit, the Singapore based exchange, it could be my next choice.
XBT/USD is showing some sign of life after it moved above the weekly VWAP, it could be the first step for a long term reversal as long as it stays above $440. I’ve noticed that also the weekly net volume recovered from a very bearish situation back to neutrality and the two months VWAP is not so far, currently at $480.
Many investors and traders are waiting a further drop below $400 and possibly lower, a couple of weeks ago i was waiting a drop to $300 but the market stopped at $340, at this point I’m not so sure that this market will satisfy us with a further drop considering also what i’ve said in my previous update about the length of this correction started last December. I smell the possibility of a market upmove coming soon and against the expectations of all with the effect of surprising everyone.