Review of the 31 July 2013
For those with unleveraged positions I advised staying long nothing was likely to happen until a channel reformed before a trend appeared (which is now formed at the time of writing). For leveraged position holders who were long based on previous advice I advised closing until the channel formed since momentum changes were indicating a likely channel formation below the peak of $110.
Today’s Forecast
There is very little credible BTC fundamentals for traders at the current time which I will raise with the Bitcoin Foundation which means that rumours (being spread by the US Government mostly unfounded) are driving the trends. Unleveraged is still a hold if you long or buy if you’re not, for leveraged traders look to go long once the buy trading volume shows the start of the trend. For BTC trade volume is important if not more important than momentum indicators.