This is to provide a brief technical update now that we have seen about a week of trading after the mtgox reopen.
As issued in my special subscriber reports, the breakdown from the triangly below 16.75 $ triggered the decline to the first target of 14 – 14.2 $.
This indeed happened today.
Longterm: trend up as long as 1.5 $ holds.
Midterm: trend down from the 31.9 $ all time high.
Short term: trend down from the huge resistance zone between 16. 75 and 17 $.
Only a breakout above 17-20 $ can reignite the rally.
Otherwise, we may stay in the mid/short term bitbearmarket and see (much) lower prices ahead. If 14 $ – 14.2 $ zone falls, we may quickly see declines to 10 $. And if this falls, a free fall.
PS. I cannot publish charts today from my mobile device since I am travelling. Chart publishing will resume next week.
Your S3052