Wednesday, 17 July 2013

BTC Update Thursday 18th July

As we noted that it might yesterday, Bitcoin has traded sideways over the last 24 hours.

The longer this goes on, the more likely it becomes that the steep rising support line we have drawn (thick green line) will trigger the next wave of buying.

Here's how it looks on a chart:

On this basis it's difficult to give a specific trigger price but anywhere between $95 and $99 looks reasonable.  That driving factor here is time so just keep your eye on that line!

It bears saying that there is always a possibility that some unexpected macro event provokes a sell off that carries us South to retest one or all of the support levels we noted yesterday ($85, 88 or 92) but our current bias will remain bullish until/unless the market crashes South of $85 and based on what we see right now it would only appear a matter of time before a majority of bullish market participants assert themselves.