MoonTrader
Long

Another crossroads for the medium term trend

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Looking at a 60m chart, we can see a lot of resistance at the $235 area, so I think the price will at least retrace that far, then we will have to look for signs of either a bullish trend break or a continuation. The short term trendline looks very steep and is bound to be broken soon, but whether the bulls can hold this trend depends on the intersection between the medium term bear trend and $235 resistance.

I'm testing a small long position right now, but this is certainly not guaranteed to be a big move, so it may be best to wait and see if the medium term bear is respected.
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