Bitcoin / US Dollar, Daily Chart, MtGox

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
482 0 0
8 Dec 2013:

> Reversal Pattern
Today's bar forms an inside day or bullish Harami pattern that indicates a trend reversal of moderate strength is likely. The higher today's eventual close, the stronger this reversal.

> Support & Resistance
Note that the 50 day EMA served as support to today's trading and the 20 day EMA offerred resistance in yesterday's trading. Other important areas of resistance are likely to be found at the mid-point or piercing line of the candle formed on the 6th             December 2013 at 975 and then the all time high at 1239.

> Trading Strategy
Buy the dips - use a moving average strategy to identify pullbacks in the trend. Profit targets are found at overhead resistance levels. Don't forget to use ATR(21) based stops as described in my blog
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