Tone_LLT
Short

BTCUSD looking overextended, a pull back to $360 would be nice

BITSTAMP:BTCUSD   Bitcoin / Dollar
The RSI has reached overbought for the second time without testing the 30 zone, the opposite of early October, support is now at $360 so a perfect move would be a two day pull back to those levels then gear up of a strong rally to 440-450.
We just broke the medium term down trend. Going back to $360 short term would mean going back under significantly. I think we'll see more up before a retrace.
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Tone_LLT PRO MoonTrader
True, but that is a monster move of straight up from 275 to 400, even if you don't go short i would take most of the long position off the table, somewhere between now and 450 there should be a pull back. i'm slightly short and will be happy with a pull back even to 380's before headed higher, i do agree that the trend change has occurred last week.
+1 Reply
MoonTrader Tone_LLT
I'm betting that we'll break out of this small descending wedge and move up to $434 before the pullback. The biggest spike usually comes toward the end of the short-term bull runs.
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