The price of XBTUSD has dropped again today back to my short term support at around $275 where i’ve my first positive price deviation line (computed using 2 months VWAP). From here it’s unlikely to see a bullish reaction and i expect a further bearish development down to the 2 months VWAP at $255 (see pic). I’d be really surprised to see a reverse from here but it would mean that the strong uptrend is still in place. A test down to $255-260 price zone could be an interesting short term buying opportunity.
Regarding my long term view my opinion hasn’t changed much, i still think that the bear market is over and this market is accumulating in this prolonged sideways move; a strong breakout above $300 will follow later this year or in the first half of 2016. As long as it stays above $210 I’m continuing with my bullish bias.