Bitcoin does it again

A short while ago Bitcoin jumped above 16k in what looked like a more decisive break this time around. The price lifted swiftly to set a new 2020 high above 16,170 and looked like there was more immediate upside to come. Well, that simply has not happened and price is now reversing lower at an even faster pace. So, was the move above 16K just stop loss driven and not dynamic to further lasting upside? Perhaps it is a little too early to tell, but once again it looks like the short term market has been caught on the wrong foot judging by the price action that is now unfolding in the opposite direction. Of course trying to disseminate 500 point moves in Bitcoin to any kind of finely tuned analysis is often not easy at all. Today the move up and down is certainly proof of that. The price has just dropped back close to 15,600 a short while ago but it is trying to regather itself just now. Clearly a break back below 15,500 will cast further doubt on the immediate upside but once again none of the current short gyrations detract from the overall trend which remains northbound. Bitcoin is just now trading at 15,775