cryptogon.com news – analysis – conspiracies

June 12th, 2011

Warning: This is not a recommendation to buy, sell or hold any financial instrument.

Update: 20.20

—End Update—

Update: Bounce Off MtgoxUSD 10.25

It hit a low of 10.25 and is currently trading at 16.08 x 16.32.

—End Update—

The public participation phase of bitcoin was the most spectacular I’ve ever seen—with the typical, disastrous results for latecomers.

What we see here is a standard BARF frenzy.

Now, there is some support around mtgoxUSD 10. Supporting factors include the trend line connecting earlier pivot lows and the 50-day EMA. This would be the first opportunity to try to catch the falling knife.

If 10 breaks down, and that trend line, however, it will be a matter of watching volumes for signs of seller exhaustion.

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