The price dropped 3.6% and reversed @7890 support. Depending on timing, some traders took a profit or closed out @breakeven. We now have to adjust to market conditions and get ready to go long BTC for new ATH .
Watch for key levels on the chart.
The market is raging, and I want to share with you a valuable trading tip. If you want to maximize profit during such strong trending moves, think about applying Parabolic SAR indicator as your trailing stop loss level. That is, you adjust your stop order manually every hour according to this indy. Works great.
If we are indeed consolidating here to break that ceiling, I believe the next move up would trigger a pretty huge rally - perhaps a final bit of euphoria leading up to CME release. We have been hovering here for 4-5 days now. That's an insanely long amount of time for BTC to be at such low volatility. I think that if we move up, it will be something for those who are short to remember for the rest of their lives.