Diabolicus

More Upside Possible

Long
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
2
Price deviated strongly from the moving averages, up to 40%. As the Bitfinex panic spike didn't replicate across other exchanges on might leave that aside and stick to the 18% deviation of the 2nd low instead. In the past, such strong declines were often followed by slightly less intense overcompensation to the upside, usually within 1-2 weeks.
I expect a continued rise spiking into the lower 260s, most likely followed by a sharp decline back to the 230-240 area.
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