Trading View is showing up to date MtGox data again, so might be time for another update. Don’t think I’ll bother showing the bear versus bull forks chart which is becoming a bit of a maze of criss crossing lines.
In my last post I looked at a possible bear fork on the Chinese market data. Theres a kind of similar one on MtGox I can show here, with 2 hour candles;
It joins the second peak of the double top rather than the first peak I used for the chinese bear as its ‘B’ point. In China the second peak never made it high enough to be a double top. It still feels to me that China turning bearish happened first and is making the whole market turn bearish, at least for now.
I don’t know if I am looking at the charts with too much bearish bias because I am now short bitcoins myself but finding it hard to see many bullish signs at the moment. Heres another maybe bearish omen, that rally / possible dead cat is looking less convincing, and also appears to show a bit of a head and shoulder formation almost formed, as indicated here.
There is strong horizontal support at the level the price is at but if that is breached it might moved down again rather suddenly.
Ah well what the heck, heres the criss crossing bear versus bulls trends I’ve been watching, with 1 hour candles;
Buy and hold still looks like a good long term strategy but myself I’ve sold off some bitcoins which I think it fair to mention it since I normally recommend buy and hold. That isn’t trading advice, only what I have done.