MTGOX:BTCUSD Bitcoin / U.S. Dollar
After hitting a significant objective, this trading vehicle corrected rather nicely. So much so, prices have been nearly cut in half from their peak. Those that missed the boat on the last turn higher are getting their chance to get back in on the long side at more realistic levels. Our time tested correction target (The OTE ss- Optimal Trade Entry sweet spot) has been hit ($686). While we don't have an outright working at the moment, those that were short off the top would be wise to at least consider covering those shorts as we head into a new week of trading. Should we resolve bullishly (cross the significant trend line indicated) my target shall be an OTE short ss tag somewhere up near $1045. Cheers all and gl in your trading endeavors.