bennef
Long

BTC needs to calm down before next move

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
On the 4hr chart, the RSI is very overbought and needs to reset as shown here in order to establish a new base for another leg up.

Also the MACD looks like it might be turning around and about to head downwards. This signals to me that BTC needs to cool off a little after the little pump we have just seen in order to build up some more upside momentum.

The volume has swelled nicely over the last day or two and the bulls will need to keep the pressure on to help move the price up.
Comment: The 50 day MA has recently shown to be a good support and will continue to rise with the increasing price.

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