09 Aug '14, 9pm

Bitcoin Analysis: Week of Aug 10 (Intro to Volume) - #Bitcoin #trading

Bitcoin Analysis: Week of Aug 10 (Intro to Volume) - #Bitcoin #trading

In last weeks post we concluded with the following statement: Friday’s close will help guide us whether we can once again approach the 50% Fibonacci Retracement zone at US$625-650. The odds however slightly favor more downside into the US$500-530 zone. Friday Aug 1st started out as an impressive day yet sold off near the end. As a trader of the Fiat Financial Markets it would have been reasonable to pull the trigger and try and take advantage of the upward momentum, but keep in mind, the medium term trend is still down and the trader should have realized within a few days that the breakout back to US$625 is not imminent. Let us now take a look at the long-term view and see where we stand. Please notice that the comments have once again been changed back to a white background since we have not made any changes from last week. In fact not much at all has changed from last we...

Full article: http://cointelegraph.com/news/112243/bitcoin-analysis-wee...

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