Bitcoin is head back to 368. Look for further advances!

OKCOIN:BTCUSD   Bitcoin / U.S. Dollar
Low volume at current prices combined with what is currently a hammer , look for volume to rise throughout the day as buyers gain strength.

Cross below lower band of 20 day Bollinger band . This acts a strong area of support. Price is currently above.

-Buy signal and move above 20 in Stochastic RSI (3,3,5). This is short term bullish . As prices continue to rise, this will help turn Stich (3,3,14,14) %K above 20 which is very bullish .

-RSI still never crossed below 30. A cross below 30 would be required for a large decline.

-20 Day MA has fallen, making the target easier to reach.

Microsoft Has recently begun accepting Bitcoin for its digital content services such as Xbox live. Microsoft is pro Bitcoin . I would not take this lightly considering their market cap is $358 billion.

Overall this is a great buying opportunity, and I believe over the next few days as the Bitcoin community discovers Microsoft's acceptance, this will help to create some fanatic buying that is typical of most Bitcoin traders apon hearing great news. Remember PayPal?

I know in the last few days I have been saying BUY BUY BUY. I will confess that I have been holding a partial short position in case of further decline on OkCoin. As it became profitable I reduced it today, and used it to average down my long position. Looking forward to a quick profit.


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