Bulls play to 12K and beyond!
If we can just break past 10300....
We are just starting to make a handle, and maybe starting the bottom. If there is another significant impulse that pushes and keeps us below 8150, then the teacup pattern is unreliable.
I think there is a good chance that the price will continue to climb. If we can finish the handle pattern, the next resistance levels are at 11500/12000/13900. I think 11500 is highly likely, 12000 also possible, with 13900 unlikely.
There are two possible trades, an aggressive one now, and a more conservative one after the handle finishes a bottom.
Aggressive entry NOW until friday
8150 stop
Profit:
Target1 : 11500 - 11800
Target 2: 13800
Target 3: 20K
Patient entry @ 10300
stop @ 9600
It's important to let price test the previous high. If it falls short significantly, the price could collapse quickly. You also get the benefit of seeing more price action for confirmation signals. If the price hits 10300 and starts to break several supports, then the pattern is invalidated.
If we can just break past 10300....
We are just starting to make a handle, and maybe starting the bottom. If there is another significant impulse that pushes and keeps us below 8150, then the teacup pattern is unreliable.
I think there is a good chance that the price will continue to climb. If we can finish the handle pattern, the next resistance levels are at 11500/12000/13900. I think 11500 is highly likely, 12000 also possible, with 13900 unlikely.
There are two possible trades, an aggressive one now, and a more conservative one after the handle finishes a bottom.
Aggressive entry NOW until friday
8150 stop
Profit:
Target1 : 11500 - 11800
Target 2: 13800
Target 3: 20K
Patient entry @ 10300
stop @ 9600
It's important to let price test the previous high. If it falls short significantly, the price could collapse quickly. You also get the benefit of seeing more price action for confirmation signals. If the price hits 10300 and starts to break several supports, then the pattern is invalidated.
