Deeper correction needed.

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
553 2 3
Seems a very logical area for price to return to, many factors are converging on this one area. I think once this area is touched again, price can begin to move higher.
Yeah was definitely wrong about this one! Already took a decent profit on this move, personally I'm not particularly interested in getting back in unless there is a more substantial correction. I'm watching around the 25 day moving average. Thanks for commenting!
unlikely to dip bellow 400 which was a resistance and is now clearly strong support. See that red candle with a large wick on your chart? It has bullish confirmation as the following 2 green candles are engulfing that red candle. Besides there is a bigger and stronger move playing out targeting much much higher than shown in your chart.
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