Here's the Chart:
On one hand we're not enamored of the fact that we haven't yet managed to re-challenge the most recent high at $104 but on the other, precious metals have bolted North during the Asian session and this could prove a precursor to a big move in bitcoin once the main European markets open.
This move needn't necessarily be up but until we see bitcoin trade with conviction below $85 our bias will remain bullish; this may well turn out to be a very cheap point to have initiated or added to your bitcoin holding knowing that a relatively small move lower will arm you with the information you need to cash out and take your loss. On the other hand, if you are right, $112 could come very quickly. As we have said before this offers an excellent risk to reward ratio and is a smart way to trade over time.
In the meantime, we feel it unlikely that the current indecision will endure much longer and whatever way we break is likely to be decisive.
It's time to place your bets...
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