Quadricolor

BTC Long term up trend still intact. Wait to re-enter market.

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
The overall daily trend is still in a major upward movement. Indicated by higher highs and the 200 day Moving average. The RSI is oversold, indicating some weakness in the price. Some profits can be booked now or held onto, though new long positions or buying activity can be put on hold until some retracement occurs. When the RSI is lower or if there is a good Fibonacci retracement area.

I am defining this as a neutral stance because my position is not specifically to sell, rather to wait before buying again. If short term moves are in focus then some selling would be good. However, on the long term I am bullish , looking for buying opportunities until major trend change signals are observed.

My recommendations are to wait before buying again. We will look for a lower price to buy later.
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