ToneVays

Is it ready to turn back up?

BITSTAMP:BTCUSD   Bitcoin
Very tough call right here, very hard choice for a short term trader.

On the one hand it just missed the 200 SMA and came up just short on the RSI so a $20 drop right here would be perfect. But on the other hand there was some nice volume on the turn from $371 and the Overbought condition has been cleared.

Look for a break of $400 to jump on the next up move.
Keep an eye on one more small down move to touch the 200 SMA for a reversal around $365
And a drop below the 200 SMA would imply a larger pullback down to $340 or so.

Tone Vays - Content Creator & Derivatives Trader
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