Well, it did fall, but not quite to the bottom of the . For the first time in a long while, we started forming higher lows. This trend has continued, and we now find ourselves in a very nice looking ascending (drawn here in light green) -- still *within* a descending (drawn in purple), but with solid support at around $6200 USD, and nicely shaping up to look a lot like a possible breakout/trend reversal.
For the first time within this downtrend, the 200 MA -- which has acted as a solid resistance over the past few months, rejecting several rallies at or near its mark -- is *above* this descending (as I've drawn it, here), instead of right on top of it, or cutting thru it.
On the side, we have a nice, long-forming ascending (blue lines on chart) -- a strengthening market.
But, on the shorter term, we have a *possible* downtrend forming (red line on chart). We'll soon see how that shakes out.
If we break up out of this -- which seems likely in a few days, that's hugely positive. I'd imagine we'll test that 200 MA again, but this time, it's sitting higher, so if we break up, the next target is around $7250. We might see a small rejection at that point, but if this momentum sustains, I think we have a good chance of bouncing right back to test -- and break -- it for good.
scenario, we fall to the bottom of this ascending , test it, fail, and fall down to our next support at around $5880 USD.
Feeling pretty right now, though.