Quick BTC price action on the weekly chart. Technically speaking, we're looking to set a local low. Fundamentally, we are suffering from FUD around Mt. GOX coins and other institutional holders, like Germany. It’s only a few days worth of aggregate volume but the specter of a dump is spooking the market and encouraging the bulls to wait.
To me, despite all the news, we look very similar to the March-October period of last year, where it took 3 attempts and establishing 25K as floor price, before finally breaking through the strategic 30k level. This summer, we're likely to see a similar movement play out, establishing 50k as a floor before ultimately breaking above the strategic price of 70k. Perhaps in an inverse head and shoulders fashion.
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