MidasTouchConsulting
Long

Bitcoin - Bullish embedded stochastic!

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Since the flash crash in early august bitcoin             has been slowly but steadily recovering. Yesterday the price quickly exploded higher and bitcoin             has regained a rather important uptrend line. Despite the fact that there a some overbought tendencies we have the most bullish development of all: The slow stochastic oscillator is now bullish embedded and should push prices higher. Once bitcoin             can clear the 61.8% retracement at $660 the rally will gain momentum.
One could argue that the recovery in the last 10 weeks was kind of modest and did cost a lot of energy but on the weekly chart there is still a lot of room to the upside before getting overbought.
The important 200-day exponential moving average ($560) is the line in the sand. I don't want to see bitcoin             falling below that number again. Therefore I am raising our stopp to $540.
Overall Bitcoin             should test the recent high at $778 soon or later. Just continue to hold your bitcoins             .
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