Over the last week, Bitcoin have appreciated by 4.11% (17.6USD), trading at 477.6USD (~3490HKD). Topping at 451.1USD and low of 427.1USD.
With Bitcoin’s volitility lowering down in previous weeks, we have pointed out that on a trend breakout, the volitility would rise and touch around 450USD.
Previously we’ve mentioned in our analysis that those who have bought at lows around 405USD could keep on holding their coins and start liquidating them on a resistance of 450USD, which was a support back in April 2014.
We suggest traders to increase their holdings when the price is touching the supporting up-trend, anticipate a strong resistance on 450USD and expect us to take longer time until breakout happens. In case of Bitcoin going down,less risky traders should place a tight stop-loss by selling Bitcoin when the price is below the trend by 3–5%.