I’ll be synthetic and almost telegraphic, the reasons that led me to believe in a possible reversal of the market are:
1) An rsi divergence was forming, a bullish divergence occurs when the underlying security makes a lower low and RSI forms a higher low and this happened shortly after (pointed out in the chart with dotted line)
2) Price was close to the important level of $650, it bottomed out at $651.54 @bitstamp
3) 667$ was the first negative deviation line using the 4 hours chart
Normally i do not publish on this blog trades so dangerous, completely against the trend and with an high level of volatility, because I am aware that many of you who follow me do not have enough experience to be able to operate in such situations without making mistakes but this time i’ve done an exception. Possible target is the short term average at $780 that is providing resistance, once there i’ll decide what to do. Support level remains at $650.