As a quick update from my last post, we’ve seen volatility peaking! And as a result we’ve taken the blue pull and so far proven to be bullish. See my last update for a refresher!
What is the Scenario
From here the risk is pretty low to enter with a long bias, and a stop loss at invalidation which would be beyond the most recent lows ($29,000).
From here we would be shooting for around $33,000-$35,000 which was our original target.
Following the orange path would result in lower lows, and take us to our next level. Once we are there we can set our next levels and targets.
What do I think
Higher lows is the key here to ensure price can keep going higher.
I’m personally banking on a move to the upside here, as every decision point recently has been won by the bulls so far. Again I always look to take things level to level with my stop loss at the point of invalidation – so basically bullish here until proven otherwise.
That being said, very chopping price action – very likely a short squeeze has been the catalyst for price going up so quickly to our target from the start of the week.