Gentlemen. Let's play a game. 'Call the bottom'. Is it just a minor swing downward? Is it this the end of our beautiful July uptrend? Doesn't matter, just tell us what you think the bottom will be.
Guess I'll have to go first. I'm afraid we'll see a few more red candles, but we might have seen the bottom already at 130. The worst I can see is testing 125.
Who's next?
Low for today is probably in ...
Next x hours, bounce to $140 followed by a lower low ... $115- 120
Over the next week I think we will see a low of $114 on MtGox ($102 on Bitstamp), both just above the late-July/early-Aug support level. Then a sustained rally to the $140s. Looking at the all-important monthly chart the $140 level will have been tested for the 5th time which is significant long term.