BTCUSD - UPDATE
A couple of days ago, we noted that in order for BTCUSD to get going and potentially make a move up and into the 7800-8000 zone, which was the suggestive measured move out of the inverted H&S pattern, that BTCUSD would need to clear the 7500 level and 'stick', which has now played-out in spades.
At present, while BTCUSD has met and achieved the measured move, we now find BTCUSD zeroing-in on its declining 200 SMA, which may just prove to be formidable potential resistance.
Thus, with a nearly 50% move in the past couple of weeks out of the 5700 level, traders may want to trail a Stop and protect profits at this time. While we could envision the possibility for and additional 400+ - points up to test the 200 SMA, prudence is warranted at this time as Risk Management is always priority number one.
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