Still cautious on BTC

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
125 0
While the recent bounce is looking bullish on BTCUSD , until we see a high that breaks the 12 Mar high, I'd offer caution in determining what sort of recovery we have. It's easy to get carried away on the sea of greens, but until we have a well defined high and equally well defined low, I'm sitting on my hands.

Failure to post a higher high will confirm that we're still in a bearish downward trend, until I see evidence on the contrary I don't see any solid trading opportunity for the medium to long term until a defined trend reversal has established itself, otherwise, this pair is still heading south.

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