BTCUSD, Daily Chart, MtGox: Long above USD 630.

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
465 0 0
The market continues to stay above support at USD 630 but the trendless price action arising from low volumes is frustrating. The bulls and the bears are probably distracted by the upcoming holiday period and may not return with any conviction till Jan 2nd.

So stay long above USD 630 and short below USD590: this will give a little wiggle room to hopefully avoid any false breakout signals. Volatility is low, so for the nervous amongst you, a stop of USD 40 will work but I prefer to use the USD 60 stop because if price falls, volatility will rise and require a more accommodating stop.

Happy Winterval and look forward to catching up on January 3rd, 2014.

Ho Ho Ho!
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