BTC USD Long in the short term

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
BTC USD rebounding strongly off of a 275 low earlier in the week. Main target for this leg of trading will be in the 390 area. This point harbors the crossroads between 1.618 fib, medium term down trend and short term up trend lines . The degree of retracement off of this high will be an important signal to the outlook for BTC USD in the medium term. Targets off 300 and below still remain a possibility. As price stands now this movement could be the beginning of the new bull run or the final leg of decline for the long term down trend.
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