Bitcoin Downtrend Reversal

Bitcoin markets feel bullish these days. A few weeks back I did a report indicating the importance of a $228 breakout to reverse a downward trend. Since then prices have been making higher lows and recently the markets had a $228 dump, which is an approximate 50% correction measuring between a high of $243 and a low of $213.

Prices are now hovering above the 23.6% fibonacci level. Yesterday I indicated that if $232 broke I would take a long position. I will be holding with the potential to scale out some profit at around $250.