With the push down of Bitcoin recently, I was asked what it would take for Bitcoin to firm up a recovery. Basically as you can see in the report below, with Confluence being red (most traders looking to sell), Bitcoin needs to make it back above the line I've drawn. But in addition to getting above that line, it needs to hold above the line. Then confluence will begin to shift green again, and long-term buying will resume. So keep an eye on the 520 mark, especially heading into Europe later this evening.
News has been mixed, with the traditional governments issuing "warnings" against a new currency. No surprise there. Other than that the news has been full of new announcements of where you can spend Bitcoin (which is good for the underlying Bitcoin economy). This is especially true with Overstock showing a healthy spend from Bitcoin.
Have a great evening, and let's hope Bitcoin resumes it's climb back above 1000 : )
cj