Looks like too many tried to short at the bottom and we got a huge squeeze + buyers that were waiting for a break of 7.5.. looking at the daily we have not broken anything and downtrend is still intact. 6.6 proved to be a strong support and for now 7.9/8K is our strong resistance. People are going to be waiting to long anywhere from 7.4-7.6K and others will be looking to short at 7.9-8K. Whoever wins this battle will continue the trend in which I will gladly hop in with confidence. Its important to know that if we go with a our weekly timeframe trend it is likely that we break up.
Comment:
Once 9.5/9.6 is fully breached you can expect 11+
Comment:
longed at 9.450 but just now got stopped out at breakeven since I was targeting 11.5-12K. Wondering if its going to range from here then we break 10K?