TheSleepyTrader
Short

Moving Averages Turn on 4 Hour Ticks (BTC/USD)

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
453 1 1
Looks like the correction is here - Hit an all time high around 12 GMT             at $395 before heavy selling.

There was heavy selling overnight GMT             (starting around midnight) which is when China is starting to wake up. The shortest moving average has now, for the first time during the recent rise, turned down while the others have levelled out.

Shortest MA is now forming resistance with the longest forming the support.

We will now see these start to consolidate onto $315-320 before crossing to a correction around $230-260 with lows of around $150.

This will be significant as it is in the range of the April highest, but currently Bitcoin             is overvalued on the back of recent interest from media and listings on China exchanges.

Long term still extremely bullish , but a good buying opportunity will emerge soon with short term options between $150 and 200 and mid term around $200 and 250.
Fallen through the $315 level, definite signs of a bear market short term now. Longer MA will form some resistance, but expect a fall through $300 by Monday. Especially with the current sell volumes on GOX and BTCChina.
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