Bitcoin_Altcoin
Long

Weekly Gann From July rally.

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
397 1 1
The Gann Square on this chart shows that we are still attempting to go past the 2nd resistance arch. Also I don't normally use the Fibonacci retracement tool like this, but it is interesting how it seems to line up with price movement as well as the Gann Square boundaries. Stock RSI and Williams R% also indicate that we may be are over bought at the moment. However, Bitcoin has been known to stay in this range for a long time before correcting. Additionally with the increased media attention, solid fundamentals, and introduction of new technologies like the BTC ATMs opening up in Canada, I see the price going up. If we push past the resistance at 215-220 we may soon be headed for $260-$300. I opened a long at $195. Lets see if it pays off.
Thanks for your chart. I agree. I think we are overbought. We are far outside of the bollinger bands on Monthly, weekly and 3D and i also think the fundamentals are too good at the moment for any serious correction.
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