What we have just seen is nothing more than a profit-taking in a strong uptrend. As always, our reference is the VWAP line and for bistamp at the moment it passes at $ 147, say $ 150. I’m not worried as long as prices remain above this level, it is just volatility because of some investors cashing in profits by selling large quantities of bitcoins.
For those who want to buy it is always good to try close to the VWAP, particularly if it is trending higher like it is doing this month. For MtGox this month VWAP is at 160$, for btc-china it is at 1000 CNY.
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Well if btc-chinas VWAP is at 1000 (164.30 USD) CNY, doesn’t this mean that it’s unlikely that other exchanges will go below this line also? And more so because we went there to try that 1000 CNY support already twice yesterday and it did hold?
Yep, but that’s pretty big spread from btc-chinas VWAP 1000 CNY (164.30 USD) to bitstamps VWAP 147-150 USD. What do you think, will it test the 1000 CNY support third time or is’t up from now?.
Enky, in your weekly Twitter update you indicated that price might retract to 175 on bitstamp this week. Do you expect it after second resistance of 235 is touched, yet more profit taking, or some time before it