We are approaching the potential of another one to two more weeks of upside. Since the market was unable to break down the $7,500 the bulls are back in the driver seat with low liquidity and zero buying volume we can see they were able to push the price up between $7,500 to $8150 - A whopping $650 within less than 48 hours.
I am anticipating a buying frenzy above the previous double tops and a continuation to the upside this will be an easy trade but don't hold on to your positions too long we should be taking the risk off at the target area... This trend will either be a blow off top and end at $8500 or have the full extended move up and top out somewhere around $9,000-$9,500. I am looking at this moving very similar to the run up that we had between $15-16K to 20K where it was clear that the market was very overbought and that there would be a massive correction but people still bought it up and ran the market through to critical breaking points then we watched it drop like a rock. We will see this same type of flow and price action, We are trading with unreasonable momentum to prices that we should eventually crash from.
I will update the charts as soon as we hit critical points. As of now we turned from Neutral to Bullish
I am anticipating a buying frenzy above the previous double tops and a continuation to the upside this will be an easy trade but don't hold on to your positions too long we should be taking the risk off at the target area... This trend will either be a blow off top and end at $8500 or have the full extended move up and top out somewhere around $9,000-$9,500. I am looking at this moving very similar to the run up that we had between $15-16K to 20K where it was clear that the market was very overbought and that there would be a massive correction but people still bought it up and ran the market through to critical breaking points then we watched it drop like a rock. We will see this same type of flow and price action, We are trading with unreasonable momentum to prices that we should eventually crash from.
I will update the charts as soon as we hit critical points. As of now we turned from Neutral to Bullish
