Major Time frames In synchrony

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
Good Morning Bitcoiners,

The 3 day chart and the daily chart are both showing higher lows and potentially a new message advising that buyer are almost done with the sellers and a potential up trend towards $1,099.99 will be on it's way.
Before that, the price will need to break the daily highs from yesterday and that will trigger the trend and eventually a new rally.

The daily chart shows a new dodgy candle stick and regardless of the uncertainty the price still showing sings of a bullish trend is on the way and the buyer still pushing the seller away of the area. Buyers need to get rid of all the sellers in that area to be able to send the price up.

The price will have to penetrate the daily highs from yesterday $974,64 so the buyers can bring more volume and only then the price will a try to reach $980,59 and $1,093,00. those are the key levels to bring the volume up and push the 3 day chart towards $1,242,00.

240 Minutes chart keep showing a massive consolidation that it's just absorbing the sellers and until there no more sellers around the area the price will stay fluctuating between support and resistance . Price should penetrate $974,64 and test test the market will a potential visit to $1,022,99 area. that should bring some volatility due the fact that $1,093,00 is the area where some of the sellers will be pushing the price down.

60 minutes chart still too erratic and it keeps complicating the readings but the SMA 200 is quite close to the price and the other SMA 10/20 still trying to show direction but there is not solid lead that can tell us that the price will use the SMA 10 as a main support to build higher lows or a new over extended move.

In the event that a correction comes along there is $932,00 area for the price to reach first and if that happens then the price will look for $920,00 and that's when we have to reevaluate our bullish hypothesis.
The only problem with the bearish hypothesis is that $932,00 area is where the SMA 200 is set and that's the 60 minutes chart so it is possible that some buyer will try to push the price back up to $950,00 and the consolidation will continue one more time.


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