To The Moon Redux

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
After breaching P earlier and heading to R1 only to retrace to P I figure its a good time for an update. As stated in the previous Idea, I think price will be contained for the day between S1 and R1. With the breach of P upside we have established a bullish signal and it is entirely possible we will stretch past R1 to RM2 at 608. However, with a 500 ask wall on STAMP and another considerable ask wall on BTCE i highly doubt we will make it past R1 today.

P is a key area and sometimes the price will oscillate around it until the bulls or bears win, so I am not concerned with the recent wicking past P, not until S1 is breached at 590.

For the record: I am balls deep with an average entry at $598.4581 with entry points indicated on chart by blue arrows.


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