MTGOX:BTCUSD   Bitcoin / U.S. Dollar
142 0
The last 15m top came in on the OTE short sweet spot tag of 911.54. It's stop was just above the recent highs at 930.01. That trade lasted through the better part of the weekend and saw the market move from really overbought to oversold and now back into overbought territory again. The recent move above 930 not only represented a stop on that short (and a paper loss of $19.00) but also seems to confirm a wider Inverted Head & Shoulders price pattern. Additionally, one could make the argument for a tight bullish ab=cd price pattern too. When ever an ab=cd pattern emerges there is a BoT trade setup that emerges too. On the chart here I have outlined the 'BoT's trade parameter and targets. As you can see the BoT is long from around $916 with 'move stops to break even' level just being hit at $930.40. It's target is around $960 while the Inverted Head and Shoulders pattern suggests we could work our way up into the 990 area. I like these 15m targets because it corresponds to the higher time from analysis (which is looking for a move back into the $1024 area).
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