Taco Transition
Picking the exact time of the trend reversal (or taco transition ;) is a little difficult here..
The price on Mt.Gox was behaving unnaturally in it's last weeks as we all know. When FIAT withdrawals weren't going through the price was way above other exchanges and when BTC withdrawals were halted price went in the opposite direction, also way below the price of other exchanges. It may be because of this that we dropped out of our parabola here (see red area).
We managed to enter our old parabola again recently but it happened fast and steep so that I am still unsure if we can maintain such a sudden rise or going back down for a retest of support which would get us some downside in the near future. If support breaks i could imagine dropping out of the long term channel and maybe moving into another parabolic channel as implied by the grey parabola.
Mid-Term I'm going for a long position with a target of 750-800 (see target area) followed by a longer consolidation in the 800-1000 area.
The price on Mt.Gox was behaving unnaturally in it's last weeks as we all know. When FIAT withdrawals weren't going through the price was way above other exchanges and when BTC withdrawals were halted price went in the opposite direction, also way below the price of other exchanges. It may be because of this that we dropped out of our parabola here (see red area).
We managed to enter our old parabola again recently but it happened fast and steep so that I am still unsure if we can maintain such a sudden rise or going back down for a retest of support which would get us some downside in the near future. If support breaks i could imagine dropping out of the long term channel and maybe moving into another parabolic channel as implied by the grey parabola.
Mid-Term I'm going for a long position with a target of 750-800 (see target area) followed by a longer consolidation in the 800-1000 area.
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