TheSleepyTrader
Short

BTC/USD - Short term $300 target

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
138 0 0
Well, my previous idea of the BTC price dropping back to the $250 level seems unfounded. There is a lot of support at $300 currently and I think it would need something fairly serious, like an unfavourable outcome from the US Senate hearing, to push it below that level.

However it seems the market views $400 as too expensive short term. We're now (14:00 on 12th November GMT) at $380 with some attempts to break $390.00.

RSI looks overbought currently and the price was unable to break $395 on the previous bull run.

There is a mini-support around $350 but this doesn't look to have much depth with the major support at $300.

I think we will be back at $350 this evening and possible further down to $300 tomorrow (depending on how China trades this evening) before a bounce off $300 back to the $350 level.

I have adjust my buy orders to $300 for the coins sold at $389 and $349.
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