Short Term Update: Near resistance

chartLast 2 days BTC/USD has been very bullish avoiding to fall in a congestion, bitcoin is near the first strong resistance i’ve since the 50$ double bottom. A first evidence of the bullish behaviour is the strong volume on ask side of the order book, once ask side will become prevalent in the mtgox orderbook i think that another correction will take place, but not as strong as the first one.

168$ is not only the +2 standard deviation line of April VWAP but also the 50% midpoint of the 266$->54.5$ first correction , i expect some resistance here but for now i’m not going to close my trade.

For who want to play extremely safe, i recommend then to close at 170$ or so.


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