To some the pullback from $315 to $270 (or ~15%) might seem excessive but in the volatile world of bitcoin the pullback came up short of expectation. Those that follow my work at BraveNewCoin or Twitter @Tone_LLT would have noticed double parallel up arrows placed on the chart two days ago. The optimal situation would have been for the price to fall a little further to the $260-265 zone and bounce off lower green trend line & 50-day SMA support. Nothing in TA is of course perfect and today's big price move certainly changes things and it looks like we are ready for a bounce to at least test $300 once again and perhaps meet/beat the $315 high.
Not everything is rosy however. The MACD has not yet crossed back up and in general remains a bit high. The RSI is in a similar boat having only pulled back to 50. Some might see it as support, but i for one like to see it fall closer to 30 after 4 consecutive hits above 70.
I don't always publish here and only mention the technical but the reason for the current bounce definitely has fundamental factors built in. More light is shed in the following article published last night: bravenewcoin.com/news/bitcoin-price-analysis-backpage-drives-adoption/ But the real story is in the Newsletter from two days earlier: bravenewcoin.com/reports/ The Newsletter is free for a limited time so please take advantage for the next few weeks to a month.
Good luck traders, i will try and publish here some more but now that we will be getting subscribers my calls may remain a bit more proprietary.
Tone Vays (@Tone_LLT) BraveNewCoin / LibertyLifeTrail
I use this chart to set positions in the futures market.... BitMEX is my trading exchange of choice, but the spreads are a bit wide and liquidity is kind of low... i do not trade big money in the bitcoin market, I save that for the traditional futures like Gold/Oil/S&P.... I only write about bitcoin cause I'm fascinated the technology and just quit wall street to work in the Crypto Space. Hope you check out the newsletter, one of my first project at braveNewCoin with more good things to come.