Short Term update: Failure to recover $500

In my last update i’ve talked about a mandatory condition to move above $500 soon but XBT/USD failed to do so and instead drifted further down towards the $455-$465 support area. At this point the odds are for a drop down to the $420-$430 price zone, below the recent bottom done at ~$440 because the averages i’m using on the 3 days chart and weekly chart are bearish and pushing down the price.

For the next few hours because of a low reading of the RSI there could be a rebounce to $480 where there is the fast VWAP (7 days), notice how the second negative deviation line provided temporary support to the price action at around $465.

chart

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6 thoughts on “Short Term update: Failure to recover $500

    1. Arthur

      Agree, and where I was hoping for a 500 after this, instead I see the 460s. Tsss…

      Let me quote what I found on another forum, I put confidence in this.

      “More time we wait at this level, more explosive will be the spike of the price in the future.”

  1. Mike

    Long time no talk, folks. My personal feeling regarding the divergence between Bitcoin price and Bitcoin news is simply that hedge funds in particular aren’t able to participate in Bitcoin trading due to the simple fact that there aren’t any trustworthy brokerages or exchanges, period. It is pathetic that i have to wonder if another exchange will do a Gox. I’m optimistic that the likes of Winklevoss ETFs will bring in the Wall Street money. 2014 will likely need to pass before we see the release of the pent up money in the sidelines in some spectacular ways….

  2. B. Mums

    The question is, who’s willing to spend over $1000 for a bitcoin, or per bitcoin, on these kind of exchanges….? There’s too much lack of trust in the exchanges so it’s destroying volume, IMO. The people who own and operate these exchanges need to come out, tell the whole tale, be fully honest, and show their users they have nothing to fear. They need to figure out some type of insurance for the current exchanges so people feel confident in using them. Gox just did too much damage and the only people buying since then are day traders and the very few who learn and want to get involved in Bitcoin since then…. Not enough newcomers.

    Another problem is how could you insure exchanges when that’s exactly what they stand against? You can’t insure them in Bitcoin for there’s only so many….but you could insure when with fiat….It sort of like a chicken-or-egg scenario I think? lol

    Anyway, just some of my thoughts.

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