IMO, earlier on S3052 was generating self-fulfilling prophecies.  Back a few months ago when the daily trading volume was closer to $10k and all of his analyses were public (before his subscription program).  The market was small enough that it all it took to send the price up was one of S3052's charts with a green arrow, usually not long after he posted.

This influence seemed to lessen as the market grew bigger.

Bitcoin Forecast:

Long term: UP.

Mid term: DOWN.

Short term: DOWN.

Color legend: Green: UP, Purple: SIDEWAYS, Red: DOWN.

 

The short term rally that started at 5.74 $ came to an end yesterday with a decline below 10.5 $ and 10 $. This is a bearish sign and shows that bitcoin prices have entered a more protracted correction again . Further downside is now more likely. It will take a move above 14 $ to confirm the mid term rally continuation.


A test or even break of the key level of 5.74 $ is now quite probable.



Bitcoin Technical and Bitcoin Market Analysis

The strong decline from yesterday has changed the outlook significantly.

1) Bitcoin Prices broke beneath the key 10 $ and 10.5 $ level.

2) The bitcoin market is now below the green upper resistance line.

3) The momentum indicator MACD is likely to confirm a sell signal with a bearish cross over.

4) The relative strength is waning and is now again below 50, which is also bearish.

 



 

Trade Bitcoins well! Stay tuned for further Bitcoin technical and Bitcoin market analysis here.

Your S3052

 

Disclaimer: Please always do your own due diligence, and consult your financial advisor. S3052 owns some bitcoins.  Never invest unless you can afford to lose your entire investment.

Already have a bunch of those, but the network effect on MtGox still is too strong  apparently (volume).

To clean up your chart, try Edit => Refresh all data for symbol.

Don't see that spike on Mt.Gox's trade data price plot, could that be a problem with your chart provider?

Despite the past and ongoing problems with MtGox, MagicalTux is probably one of the most trusted people in the Bitcoin community at this point. He's doing a lot to build the credibility of bitcoins, and to do right by users. He's also leading the charge with improved security after the issues that occurred at MtGox.

There are security/trust/jurisdiction issues with pretty much all of the other exchanges. For instance, one of the guys involved with TradeHill has some pretty serious allegations of running off with people's money in the past.

MtGox is not perfect, but again, MagicalTux seems to me to be the most trustworthy person/entity running a market at this point. I just wish he'd step up the Q/A a little faster. This is I think the main reason you don't see people leaving the exchange for others.

He's using Sierra Chart, and I've had the same problem today.  I've seen anomalous spikes twice now.  I had to delete the MtGoxUSD.scid and re-download the entire history in order to get rid of them.