Tension Builds as Silk Road Auction Approaches

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
We are all holding our breath until the Silk Road auction as it is fast approaching. This may be the event that starts us moving again, but may not be the one the moves us very far. At the moment we are just barely above the support line.

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DC – We have managed to stay just slightly below the median. I’d wait for a crossover into the upper before making any moves to play an upswing.
Stoch RSI and Stoch – Both were unable to breach up into positive territory. On the other hand, there is not very strong moves down when they both are still in the sold zones. I’d say that is a good sign because if there were sharp moves going down that means bears own the market. Furthermore, it shows that we are heavily oversold for the time being.
MACD – Right on the edge of crossing over or continuing to diverge. I would say there could be a slight divergence before a crossover unless we suddenly move upwards.

Targets (Finex)

Bull Target: $655
Bear: 540
Extreme Bull: 700
Extreme Bear: 515.45
Timing: 3-5 days unless we happen not to break out


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