Bitcoin market update, Monday, 10-13-2014

Market broke out of the short term consolidation, red line. Bitcoin is retesting the highs of the previous rally. A breakout above the highs and also the descending trendline is pretty bullish. I've highlighted the first target at 2420 or 395 if we do breakout. Realistically, since its so close to the round number 400, we probably will hit that.

I am still long from 331 from a week ago. As a trader of trend following, my system requires me to follow the trend as long as possible. I don't need to sell at the top or pick the bottom, that is not the strategy.