Op good job with your analysis though we had a thread about market Speculation before which sadly is not really active again but you be posting this there next time to revive it Bitcoin price speculation (BTC/NGN), and USD.
Based on sone folks in WO, I don't think the Mt. Gox will have a huge effect but if it those I will even be more happier because I want to accumulate more bitcoin in the lowest fee possible, while this maybe a huge issue for those trading with leverage, spot traders won't worry much since they may just continue buying the dip since won't be liquidated.
However, if I'm trading for quick profits and short term hold, I will wait further because there is still liquidity below the $60k region that price will first seek before any sustainable upward move is expected. Although a limit order at various price points down to below the point of liquidity will yield optimal outcome.
Though this is correct but I also hope you noticed that Op made that analysis for Spot traders which less risky like the feature where one can actually get liquidated.Based on TA there's still more Dip to come in...
Germany govt still selling...Source]
Mt. Gox also adding to the pressure.... so there's likely to be more Dip or a false break out with price correction.
In the mean time DCA investors and holders should have nothing to worry about just traders trying to tap from the BTC market ups and down might feel worried...
I think this is more of a Fundamental Analysis, which is highly important here whileany even consider it more important factor to consider.Germany govt still selling...Source]
Mt. Gox also adding to the pressure.... so there's likely to be more Dip or a false break out with price correction.
In the mean time DCA investors and holders should have nothing to worry about just traders trying to tap from the BTC market ups and down might feel worried...
Based on sone folks in WO, I don't think the Mt. Gox will have a huge effect but if it those I will even be more happier because I want to accumulate more bitcoin in the lowest fee possible, while this maybe a huge issue for those trading with leverage, spot traders won't worry much since they may just continue buying the dip since won't be liquidated.
Who bought on spot are in profit at the moment. Price took liquidity around 58k before pushing up.. let's see how this month would close.
