Friday, 12 July 2013

BTC Update Saturday 13th July

Boom! Following our last post the bitcoin market has been on a wild ride.  Those of you you bought at market (we described this as Option One) were up almost 10% at one stage.  Those who preferred Option Two are at their entry point right now.

Here's the chart:

As can you can see buyers drove price through and beyond the resistance zone we had constructed.  Now we are retesting what was resistance as support.  Despite the steepness of the intraday correction Option Two (buying at resistance re-tested as support) remains a rational trade.  While the market may continue to leak into our support zone, the longer it hovers here the more buyers will be convinced that a new bull wave is forming and seek to join in.

While it is possible that bitcoin bears will, once again, take charge of the market, this powerful bull swing will have shaken resolve and we retain our short term bullish bias above $80.

Have a great weekend.