Tuesday, 28 May 2013

BTC Update Wednesday 29 May

Well, the Daily chart still looks good as in spite of the news regarding the shut-down of Liberty Capital, we never managed to break back through support at $125...


...in fact we have been making higher lows since that first test, as the pair settles into a tightening consolidation pattern.  From here it's pretty straightforward; if we break out of this pattern to the upside, $136 is on with $145 beyond it as we attempt a new up leg. If, on the other hand, we break below the rising support I have indicated on this 1hr chart, $125 will get retested in a heartbeat and if that goes the bears' confidence will grow markedly.