BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
After the dip an hour or so ago (see previous chart), that was half the volume of the previous dip and with no follow through, the price rebounded to a new high smashing through the R1 Barrier that had proved solid resistance for several hours and is currently straining to hit R2 at 597.23.

It is very unlikely that we will make it to R3 before the next daily bar, but with some effort we could hit RM3 @ 607.78, but expect a pull back to the R2 @ 597.23.

The strategy is to capitalize on each wave, adding to the long after a touch of one line and retrace to the previous line.

I will be closing my current long at 607.78.


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