commanderwilson
Long

Bitcoin Consolidating

MTGOX:BTCUSD   Bitcoin / Dollar
343 0 1
Movement over the last 24 hrs             doesn't tell us too much beyond the fact that the Market is consolidating.

What we can see is that new buyers are coming in to support the market at higher and higher prices which supports a continuation of the recent upswing. While we cannot say is when this will trigger, we see nothing to suggest that it won't but remain alive to the fact that it is likely to be triggered from an opposite extreme.

While we noted yesterday, that there remains a chance that confidence will leak away if a further bull swing is not seen within the next 24 hours, we feel it is more likely that the market will re-establish itself in a $20 range centered on $100 and as we said yesterday, our current bullish bias will stand until/unless this market trades back through $85 on real power. Indeed, this level could turn out to be the extreme that will trigger the next bull leg.

With this in mind we would continue to advise buying bitcoin             anywhere down to $85.

For holders needing to liquidate to fiat, $104 is a good bet if you are really desperate but $112 remains do'able within our range prognosis.

For the uninitiated, we renew our bitcoin             market analysis daily, which can be tracked via twitter following @bitscanner. To view our growing analysis archive go to http://www.bitscanner.co
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