Bitcoin Coiled - What To Watch For

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Following an initial test of the 23.6% fib, BTC climbed the ladder to successfully test 38.2% and 50%. As time has passed, selloffs and rallies have both become increasingly short-lived and compact. As prices become more and more compressed, price will inevitably explode like a coiled spring. The big question is which direction? Seeing that we continue to witness higher highs, my opinion is that a breakout WITH the prevailing trend is most likely. A breakout on higher than average volume above 2650 would be an indication to go long. Conversely, if BTC trades below 2374, this would indicate that further downside is likely. Happy trading!


well done
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