Short Term Update: hourly chart at BTCchina


Hourly chart at BTCchina, it is interesting to see that the market behaviour has been bearish all the way down since 1240$ top of yesterday. The volume activity also confirms the short term weakness, bearish volume (second pane in the attached chart). In the third pane there is the total volume, two volume spikes are visible when the market bottomed twice at 950$.

I think that now there could be a short term trade opportunity, for who want to try i recommend to buy now and sell half position at the first resistance , the VWAP at 1055$, and the rest of the position at the first deviation line, around 1150$. Stoploss  should be placed below the double bottom, at around 920$. Also the relative strength index oscillator confirm the trade because it is reversing to the upside from an oversold position.

As you can see the signal worked and now we are at a resistance, the VWAP, and the RSI oscillator is overbought, both price and time indications that advise us to close the position in profit. This is a nice example of the intraday possibility of this market.