Sunday, 7 July 2013

BTC Update Monday 8th July

While the ongoing Bitcoin sell-off gathered pace over the last week, market has found support over the last 48 hours at around $65 and is currently trading back above $70 .

Here is the chart...

As can clearly be seen, the big test lies like a dark cloud above the market, where we can see a meaningful confluence of resistance between $85 and 92.

First of all, though, we have to get back up there!

Based on what we see now, it remains sensible for buyers to stand aside until we can break back above this zone and survive a re-test of it as support.  In the meantime, those needing to liquidate back to fiat should place their orders just below this zone @ around $80.