Friday, 10 January 2014

BTC Update 10 January

G'day Peeps!

In our last post we gave a BUY advice and that recommendation still looks good.

This is how it looks on the chart:

As you can see the market is currently butting right up against resistance at $960 (Gox) but when this is viewed against the sustained support that bitcoin has been picking up over the last 2 days against rising support it's only a matter of time before this all of resistance gives way and when that happens the wave of long orders it'll trigger ought to power the market back up to $1065 - at least.

It has to be said that we remain pretty bullish.

The only thing that would challenge this position is if the market stalls at this resistance level again for any longer than 8 hours or so.  This is, after-all our third 'look' at $960 as resistance and if it manages to hold again, for too long, bitcoin bulls will start taking their money of off the table, sentiment will swing and you know the rest...

Go bitcoin!

Rob @ BitScan