Monday, 8 July 2013

BTC Update Tuesday 9th July

Nice pop yesterday but the situation is essentially unchanged.

As can be seen from the chart, from a technical perspective yesterday's move currently represents no more than a bullish reaction within a bear trend.  This will remain the case until the market can pierce, retest and hold above $92.

To this end, holders of Bitcoin needing to convert to fiat are still safest to do so at around $80.  Bitcoin investors, of course, will be crossing their fingers for a power move back through that resistance band between $85 and $92.  And who can be sure this won't occur?

In the meantime, those on the sidelines remain best advised to hold fire until the outcome of the current bounce plays out as if it fails at resistance, $65 is very much 'on' and if support here gives $55 is next up.