Tuesday, 30 July 2013

BTC Update Tuesday 30 July

Having broken through resistance at $97 the market is currently trading at the top of new trend channel that is, for time being, stalling any further advance.

Here's how it looks on the Chart:

The next upside target remains $104 but we may well trade sideways for a bit or even retest $97 again as support before sufficient additional buyers are tempted into the market to generate the motive power for another up-swing.

This is not the moment to be initiating or adding on to a long bitcoin position; far safer to place a limit order between $97-99 and get in at a discount - within the current context.

What we don't want to see is a powerful move back below $97 - which has become the new $85 key support level.

In the meantime, should you need to liquidate to fiat in the immediate term, now would be a sensible moment to do so.  If, on the other hand you can afford to hold-on, you should do so as we are not seeing anything yet to indicate anything other than a major trend reversal in it's early stages.