If we can manage to break and hold $9k, it would be extremely positive price action after two months of repression in this dominating descending channel. If we receive more news like the news from China today, we could break right through it. More likely though, based on previous resistance at top of channel, $9k will be really hard to break. If we dont break it now, dont worry - it looks like $8k support is likely to help us pierce through the top of channel sometime in November as the price action is forced to choose one dominate trend or the other.
Breaking and holding $9k will make our next hurdle breaking June highs which will confirm that we are actually in a massive upward trend versus sitting at the beginning of a 3rd and subsequently smaller wave which is still a real possibility.
Breaking and holding $9k will make our next hurdle breaking June highs which will confirm that we are actually in a massive upward trend versus sitting at the beginning of a 3rd and subsequently smaller wave which is still a real possibility.