This is a view of this month and it is visible that BTC/USD failed to go above the short term VWAP level at 112$ (now 111$); i’m worried of the recent weak behaviour and i’m starting to have concerns about the health of the long term uptrend but as i stated in one of my previous long term update i still think it’ll not go under 50$ this summer.
Again, in case of strength above the vwap level at 111$ i will change the short term outlook from bearish to bullish. For now, i see the possibility to reach the 90$ support so to attract buyers and let BTC/USD rebound few $$.
It looks like the doubts about mt.gox future may have been influencing trading in the last week or so.
With the news today that they have registered properly, as a MSB with finCen in the US, it may alleviate some of these worries.
It puts Mt.gox in a strong position to use this as a platform to develop their $ business – there needs to be a big shake up in the way people buy bitcoins. People simply do not want to jump through so many hoops.
(I still remain bearish medium term though)