As promised, here is tonight's Technical BTC Update.
Overall, there are no fundamental changes in our the outlook versus Friday. The bulls are in the attack, but the bears hold the lid on the market around 0.30-0.35$.
Analysis
1. Long term outlook
BTC/USD are in rally mode. I have added a new longterm chart that shows the perfect uptrend line (now around 0.26 $ and rising ) and also the 0.30 - 0.35$ resistance.
Strong upside targets are the previous high, 0.50 $, dollar parity at 1.00 $, and then the 1.30 - 1.50 area.
http://mtgox.com/blog/wp-content/upl...-close-log.png
http://mtgox.com/Documents%20and%20S...term%20log.png
2. Short term update
The inverted head and shoulders pattern described on Friday is still intact, awaiting the breakout to the upside. MACD has broken out upwards already. Still, there remains strong selling volume in the order book. Today's opening of bitcoingateway.com may help to create positive money flows.
http://mtgox.com/Documents%20and%20S...2%20hourly.pngNext update Wednesday, Nov 24th.
Donate a couple of coins to keep it alive.
1LWgEH6SBFXUr1zYs7QSra9rpL8ktv9mP9
Your S3052
http://mtgox.com/blog/wp-content/upl...922-hourly.png
Overall, there are no fundamental changes in our the outlook versus Friday. The bulls are in the attack, but the bears hold the lid on the market around 0.30-0.35$.
Analysis
1. Long term outlook
BTC/USD are in rally mode. I have added a new longterm chart that shows the perfect uptrend line (now around 0.26 $ and rising ) and also the 0.30 - 0.35$ resistance.
Strong upside targets are the previous high, 0.50 $, dollar parity at 1.00 $, and then the 1.30 - 1.50 area.
http://mtgox.com/blog/wp-content/upl...-close-log.png
http://mtgox.com/Documents%20and%20S...term%20log.png
2. Short term update
The inverted head and shoulders pattern described on Friday is still intact, awaiting the breakout to the upside. MACD has broken out upwards already. Still, there remains strong selling volume in the order book. Today's opening of bitcoingateway.com may help to create positive money flows.
http://mtgox.com/Documents%20and%20S...2%20hourly.pngNext update Wednesday, Nov 24th.
Donate a couple of coins to keep it alive.
1LWgEH6SBFXUr1zYs7QSra9rpL8ktv9mP9
Your S3052
http://mtgox.com/blog/wp-content/upl...922-hourly.png