Bulls Are Still in Charge, but Retracement May Not Be Over Yet
Hello friends,
Here is my two-cent on what I think will happen in the next few hours.
We are facing a fairly strong resistance around 62,000, which we must clear soon.
If we fail to break through the current resistance, then retracement may continue back to around 57,000, where we now have first strong support (based on the hourly chart).
If we clear the resistance, our next stop is somewhere around 65,000, which is the all-time high zone at the moment; a move past this point could take the bulls to around 75,000 or higher, setting a new all-time high.
Trade with caution; tread carefully.
Here is my two-cent on what I think will happen in the next few hours.
We are facing a fairly strong resistance around 62,000, which we must clear soon.
If we fail to break through the current resistance, then retracement may continue back to around 57,000, where we now have first strong support (based on the hourly chart).
If we clear the resistance, our next stop is somewhere around 65,000, which is the all-time high zone at the moment; a move past this point could take the bulls to around 75,000 or higher, setting a new all-time high.
Trade with caution; tread carefully.
Trade active:
UPDATE:
As was indicated in the previous post, there was a retracement over the weekend, though it did not hit the 57000 target. And now it seems we are reversing to resume the the roller-coaster ride to the moon.
Tighten your seat-belts folks, we are about to take off. Next destination is 65,000. Expect some minor turbulence along the way. Trade with caution. Don't take unreasonable risks.
As was indicated in the previous post, there was a retracement over the weekend, though it did not hit the 57000 target. And now it seems we are reversing to resume the the roller-coaster ride to the moon.
Tighten your seat-belts folks, we are about to take off. Next destination is 65,000. Expect some minor turbulence along the way. Trade with caution. Don't take unreasonable risks.