First, a couple observations.
1. is crossing up and looking good.
2. We are hitting this massive trendline going down.
3. Shorts got squeezed big time! We still have more room to go in that department, but that was a solid move/squeeze.
If you are wondering where to enter the market for a move to the upside, just above this $7,500 area should provide some support if we are going to continue up. I will be placing a stop just below $7,400 and I will let the market dictate what happens from here. If we go down, we have a great profit and if we go up we will really hit a home run. Basically what we need is a break of this $7,800-8k area for a confirmed move to the upside. On the upside I am targeting the 8.75k-9k area as a first target. Now, this could very well go higher past (9k) if we break this trendline as I have stated in my below calls. But I will be using that as a target for my first exit point of taking half of my position off the table, and letting the other half potentially ride out the rest.
Happy Trading! pick your points, don't use leverage and don't stress.
Called it here: