Short Term Update: 4hrs chart @bitstamp

chartThis is the chart from the $382 low of December 18, 2013; the VWAP is calculated starting from that bottom. It’s interesting to see how the RSI buy signal of December 22  is to be interpreted as a nice buy signal because the price was above the VWAP and it was forming an higher low.
The bearish signal of yesterday from $734 came after an higher high at $765 compared to the previous High at $720, i can conclude that the short term the trend is up but not so strong because of weak buying volume activity.

However i’m not much convinced to open long positions right now because I don’t see a strong positive rate for the volume activity, the net volume improved a bit and it’s almost neutral, a sign that now there is more balance between buyers and sellers, but we are certainly not at the levels seen during the strong uptrend of last November. I’m not saying that it’s forbidden to trade in the short term but you have to be extra cautious opening long positions when the volume is not supporting too much the rise.