MeasuredMove
Long

Bitcoin Accumulation - headed higher

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
161 0 1
Bitcoin retraced just over 50% of its gains from the post cyprus crash lows. Huge volume at the support zone from 50%-61.8% (645-505) indicating huge accumulation. Those buyers are not going to be easily shaken out.

I am expecting price to rise to at least 1500-1700 area which are fib area's, but bitcoin has a way of going parabolic and we are just one crisis away from it going up by possibly an order of magnitude.

Despite the negative china news that sparked the second sell off bitcoin is still very much a growth story that is very green.

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