BitcoinSignal

BTCUSD, Weekly Chart, MtGox

MTGOX:BTCUSD   Bitcoin / Dollar
324 0 2
Stalemate: how I learned to stop worrying and love the trading channel.

We are seeing lower than average volumes at the moment on MtGox. Maybe due in part to the upcoming Holiday season but maybe buyers and sellers are 'stuck': buyers are waiting for prices to fall as 'bad' news emerges from regulators, banking authorities, China and the rest of the world. Sellers anxious that declines are imminent based on the 'bad' news flow, feel they cannot liquidate long positions as 'new money' may come into the market from countries like India to push up prices.

We will either drift sideways in the trading channel throughout Winterval ( Xmas             + New Year) or some news item e.g. further tightening of controls re BTC             in China, will force a break of the channel.
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