BTC USD resting on 50 week moving average

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
588 3 8
We broke above and now we are making it support...let see if it holds...until it breaks the bullish picture is very much alive.
Also, what I forgot to add to this that we are also sitting on support from the 38% level of the fib retracement for the move up from the flash crash in january to the spike up to $500. So it's a nice confluence of support from both. This seems an important level to hold. Well see if we do.
As well as support from the bottom line from this pennant (although broken on the 1d, it's still alive on the 3d and higher) this level. Any more bearish action though is a real doomy sign of things to come.
...the fact that ltc/btc is looking bullish is a hint to me—suggesting not to rule out the btc/usd's upside. For short stints the relationship between ltc/btc and btc/usd has been inverse, but for ltc/btc to really blast off it will need liquidity from a bullish btc usd market.
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