Since my last short term update XBT/USD topped at ~$460 and retraced back to the weekly VWAP, the RSI oscillator is oversold now so i’ve to conclude that there will be a new upswing from here.
Well when it is too easy there is always something wrong, i think there could be a further drop to the first support line at $430 before we see any upside; don’t forget that $427 is also the first negative deviation line of the 2 month VWAP, i think that for the next days this price zone should hold (around $425-$430).

For all the readers of this blog that likes to do short term trades i recommend to watch out that support area i mentioned before with the idea to close at or above $440, in any case it’s better to use a tight take profit because of the overall picture not yet bullish.
The stoploss should be tight as well, if this market breaks below $420 better to quit the position or open a short position up to the next support at $375-380.