BTCUSD, Daily, Mt Gox

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
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The bullish candlestick reversal seen on the 19th is still intact and may signal the start of a new uptrend. BTCUSD             price has rallied over the last 8 hours and despite poor volume , buyers show no intention of backing off. There is strong support at USD 630 - the piercing line of the dark candle of 18th Dec             2013.

Across many timeframes, moving averages are turning up so if buyers can keep this momentum going we will likely head back to USD 700 today and to USD 900 over the holiday period.

Stay long above USD 630 and Short below USD 590 ( a little wiggle room provided for false breakout).
flibbr PRO
3 years ago
nice. i like the candle analysis,
3 years ago
"despite poor volume, buyers show no intention of backing off"

I'd be concerned about this. Look at the Dec 5 drop - exact same thing happened. Move up on low volume, exhaust buying energy and move sideways for a little bit, then resume drop.

I'm bullish but think we need at least one more dip, and stronger volume. Likely not coming until there's news.
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