A big breakout over the last couple of days - a pretty standard pullback pattern in play. Technically wise this is look like a pretty strong indication of continued bullish pressure. We are coming up to the real key resistance of $50k which is both resistance but a huge psychological barrier.
2 plays in the longer term here - a test of $50k is pretty inevitable at this stage now - although we are either going to see a strong rejection with a few potential retests for a BIG drop/rejection to possibly $43k region or the other scenario given the mentality of the whales/institutions and whether they want to push through first time could be a pretty huge pump straight through.
We have been in quite an extended upward channel on the daily for a while now so I wouldn't be surprised of a biggish break down. Of course now we are trading in weekend hours then anything could happen really.
My play is to continue to $50k as per yesterdays analysis and then to wait till Monday!
