As we are at the precipice of a large gap between 46K and 48K it has come to my attention that we could possibly begin to squeeze. This would most likely send the price soaring up to the 50k region. This would be a must to disregard higher time frame divergence. Albeit, not much of that is considered when in a parabolic trending market.
For price to fill the gap, there will need to be a lot of volume on both the bids and offer side of the futures contract before the weekend, and on Sunday, once the market resumes trading, the same levels of volumes would need to be maintained in order to normalize the gap in a smooth fashion.
Our situation currently has presented a nice bullish mega horn which is a continuation pattern acting similar to a bullish flag. The prices to look for are on the side of the chart as follows.
Entry: $46,970 Take profit: $56,240 Stop loss: $46,400
I hope your bags are packed and your moon suit is on and are enjoying a green week!