While this latest rise hasn't had much volume pushing it, the support has definitely filled in quite nicely; and, while there are still many shorts open across the exchanges, the bears haven't had much luck during the last three weeks trying to cause a cascade of margin calls. The bullish folks, with their new longs, appear to be holding their own -- and the same appears as true now, in the 250's, as it was last week in the 230's.
There are some fairly significant tests coming up if all you look at are the long-term and short-term trend lines (triangles). I also believe there may be a ton of fiat currently sitting on the exchanges waiting to see what happens at these seemingly critical upcoming junctions.
If we break UP, then I think that handy fiat will pour in rather quickly, and those with open short positions will likely be scrambling to close out (or get called) faster than they can see "DOH!"
If we see a break DOWN, however, it could get just as ugly in that direction when all of the hopium instantly evaporates and those with new long positions scramble to close out as fast as humanly possible (or get called, of course).
So, bulls, I present you with your mission should you choose to accept it. I think you know what to do... good luck!
There are some fairly significant tests coming up if all you look at are the long-term and short-term trend lines (triangles). I also believe there may be a ton of fiat currently sitting on the exchanges waiting to see what happens at these seemingly critical upcoming junctions.
If we break UP, then I think that handy fiat will pour in rather quickly, and those with open short positions will likely be scrambling to close out (or get called) faster than they can see "DOH!"
If we see a break DOWN, however, it could get just as ugly in that direction when all of the hopium instantly evaporates and those with new long positions scramble to close out as fast as humanly possible (or get called, of course).
So, bulls, I present you with your mission should you choose to accept it. I think you know what to do... good luck!