Last week was an exception - at first we saw deep retracement (after SEC announcement), however soon after BTC went up. In the end red candle retraced just about 50% of previous week's gains. In my view it is likely BTC is going to experience longer correction and this was just the beginning. I do not expect BTC to go above 1230 on btc-e this week.
However if market shows strength and BTC rises above 1250 this will show extraordinary strength and mean we are going to go much higher.