Marius Johnsrud

Bitcoin in a correction

MTGOX:BTCUSD   Bitcoin / Dollar
518 2 2
In a correction at the moment, but I would NOT recomment trying to short this monster.

The longer overall trend is still bullish and new momo could kick in at any moment (even though we do have a double top forming)

Pay attention when price closes into the support area of 480ish or the resistance area of 880ish.


If we take out the 680 support, we should see a move down to the median line .
A very good analysis. I also wouldn't trust the red fork. The upper median line seems likely to be broken by another swing up any time soon. Why? The excursions to the down side are too small and too short-lived.
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Marius Johnsrud ForceFollower
totally agree, no real conviction. looks like its restoring its energy for now though. bet there's a lot of people drewling on that 1000 mark as well. strange that I didn't see the base at 770 at the time, but I guess some of them just fly you by
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