BTC run commences
BTCUSD has dipped of recent days after been range bound for several months.
It has seen a lot of selling pressure over the last week, while the bears have had some control. However, bears haven't been strong enough and price has failed to break through a key support level around 60,5 that has kept this rally in strong bull territory.
Mt Gox news should have given bears enough ammunition to break this level, but was stopped by bull market indicator at the 200 ema.
As long as the 200 ema holds we remain in strong bull territory and this deviation at a key support level and rejection at 200 ema confirms for me that prices want to go higher.
RSI has dipped into oversold territory, coinciding with the bounce.
Invalidation currently sits at 57,3 while we target the mid 80's with partial profits to be taken around ATH.
It has seen a lot of selling pressure over the last week, while the bears have had some control. However, bears haven't been strong enough and price has failed to break through a key support level around 60,5 that has kept this rally in strong bull territory.
Mt Gox news should have given bears enough ammunition to break this level, but was stopped by bull market indicator at the 200 ema.
As long as the 200 ema holds we remain in strong bull territory and this deviation at a key support level and rejection at 200 ema confirms for me that prices want to go higher.
RSI has dipped into oversold territory, coinciding with the bounce.
Invalidation currently sits at 57,3 while we target the mid 80's with partial profits to be taken around ATH.
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