Short Term Update: MtGox H4 chart

On By CryptoAdvisorIn Short Term Trading

UploadImageThis is a view of last 8 days, each bar represents 4 hours. VWAP levels and deviation lines are computed using last 40 days. I’ve closed my short term trade when BTC/USD dropped below my support level at 114$, after a strong sell-off the market found support at the second deviation line of the VWAP around 90$, the subsequent rebound should stop at the VWAP confirming the weakness of the BTC/USD pair. Any strength above the vwap level at 112$ could mean that the short term trend has reversed again, to the upside this time.

5 thoughts on “Short Term Update: MtGox H4 chart”

  1. Xatian's avatar Xatian

    Can you please post the Config of the VWAP the produced this picture?
    I never seem to get it write.
    Thank you!

    1. Xatian's avatar Xatian

      Oh … you used 40 days this time…
      Well how do you know what is the “correct” amount of days?
      If you use 30 or 50 the VWAP runs somewhere else …

  2. Enky,

    This is somewhat off-topic. I’d like to know your take on the gold market, since you’re an experienced trader, and bitcoin is often compared and contrasted to gold. Are you of the opinion that the gold market is exactly where it needs to be? Or is there manipulation of the paper market by market actors or by governments? Please explain.

    Best Regards,

    Thaddeus McBron
    BitsForCoins Server Sales

    1. Andrea Chiavazza's avatar Andrea Chiavazza

      What is happening in the world economy is so important (and scary) that an off-topick should be justified.
      If you look at the big picture, I think it all depends on what you make of QE.
      Unfortunately I’m becoming more and more convinced by those who say that it will all end up in tears and this Ponzi scheme bubble will burst.
      If that will be the case, for the long term fiat currencies and the stock market are doomed.
      Gold and silver might skyrocket.
      Compared to gold and silver Bitcoin will be:
      – higher gain: due to its potential market cap / limited amount ratio
      – higher risk: due to the technological and legal unknowns

      Enky what do you think ?

      1. Andrea Chiavazza's avatar Andrea Chiavazza

        It’s good to see that there are people that are optimistic about this. Who knows… Max Keiser might even be wrong after all =)

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