Wednesday, 4 September 2013

BTC Update Thursday 5th September

So, resistance at $148 held and the market has pulled back in search of more buyers.

Here's how it looks on a chart:

For bitcoin bulls, especially, late buyers, this is quite a scary looking chart; we have already traded as low as $130 today, which represents a retracement of nearly 20%.

On the other hand, we have marked (with a green square) the confluence of support that is currently holding price up.  In fact, the brave will take a buy right here ($135). We have.