Bitcoin (BTC): Mar 31 2015

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BTC has just slightly shifted since we last covered it on the 29th. But the same general trading principles apply.

 

The bulls are looking at this pop over the green resistance line. The bears are looking at a lot of indicators that have turned red but have not bottomed out. Smart traders are taking no emotional stance and playing the price action located within the tightening wedge drawn in white.

 

Price has been flirting with some important FIB levels (retraces, fans, etc), but it has not broken them. Most charts have a bounce in this zone…most, but not all. A typical chart would send this back up to $266-269, and if it breaks that the massive $270-281 battleground is on yet again. BTC would need an open & close above $290 to keep some distance from the all important $281.

 

There is a mixed bag of indicators right now. If it does move up I would almost expect a pre-pump dump to bottom out a few indicators that are not oversold yet. Either way make sure to play it smart, don’t trust conflicting indicators, just play the wedges.

 

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