What A Difference A Day Makes! Bitcoin!

Anyone who has read my posts has known for sometime that there are a few prices we have to breakthrough in order for this to be considered a true breakout.

Yesterday was exciting if you are a BTC trader- We hit the 5700s as I predicted - then very quickly broke through my downchanel and recovered to 6400 - blowing through the 6200 range.

Did we scrape the bottom?

There is a lot of reason to believe we did. The bulls pushing it higher confirms that the market price hit a nerve at least one whale.

I've been talking for a while about the resistance and support levels. We are currently at one of them right now at 6400.

Weekend trading tends to accelerate what is already happening. The spike yesterday was not a mistake.

We will likely move sideways today until volume picks up. We should hit 6800 if not 7200 by the end of the weekend if we are on a correction course as it appears. I wouldnt be suprised if the pattern built a "head" at either 6800 or 7200 this would present a short position as the right side of the pattern traces . Any drop in the near future below 6200 would be an indication that the market isnt strong enough to stay ahead of the resistance. Until a pattern is confirmed I would be weary of a drop below 6200 and you may want to set a stop for anything you bought at the 5700 level.

Will be correct after 7200? Possibly a minor correction - but we are more likely headed to between 8k and 9k before we see another pull back. The next pullback (if there is one) - will probably be the one that sparks the real bull run.