Shaking out the weak hands

BITSTAMP:BTCUSD   Bitcoin / Dollar
There are many people who will be convinced that this is just another pump, so they will sell into it. This is likely to make the ascension slower to begin with, but it will soon pick up speed. This spike up is basically a confirmation of my bullish sentiment in my last idea, which I will link to and the reason I had buy orders ready in case this happened.

This is why you don't short in such an over-sold market. Everything LOOKED ultra-bearish until this happened. The market has had about all the selling it can handle. As I've mentioned before, my target of $270 is still intact and possibly higher after that. I'm long since $204 and waiting for a good-sized pullback to sell.

Near-term resistance is outlined as the orange line and support is the red bar below.

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I agree.
Since we last commented I got a better picture of the volume. I see now higher volume on the upswing followed by lower volume on the pushback. I expect that to be the new pattern and a confirmation of a bull market. I got long at $209
UPDATE 21 Jan. 2015

Breakout confirmed. Targets still intact.
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