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Short

Bitcoin - Bollinger Band Squeeze - A pullback is coming

BITSTAMP:BTCUSD   Bitcoin / Dollar
Bitcoin has been moving sideways for the last three weeks. With the low volatility this has led to a very narrow Bollinger Band . Today Bitcoin is breaking down from this bottleneck. Not a good sign, which is typically followed by a strong move in this direction.
The first target is the uptrendline around $595 - $600. Worst case will be a pullback down to the EMA200 around $521. We are long and want to stay in this trade as long as possible without giving back all of our profits. So we will move the stop just below the important support zone at $500.
Don´t buy here even though Bitcoin is getting oversold. The Bollinger  Band Squeeze points to lower prices first.
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