Well that was quick ... Bitcoin finished Thursday above key resistance, taking out the historical 50% level and trading as high as 10176, before finishing the day just shy of 10K at 9996. Strength has continued through Asian trade on Friday, with pair setting a new two week high at 10271 earlier in the session, before pulling back slightly to 10050 as I write:
Though I'd been calling for 10K all week, I was honestly not expecting the move to play out this quickly and I'm quite impressed with exhibited momentum. Let's drill down to the hourly chart to get a better look at what's going on:
Pair is grinding steadily higher in an ascending channel and hourly sell signals have thus far been ignored - buyers coming in like clock work after every minor sell off. As long as this channel holds, short term focus is higher. When/if the channel gives out, I will be looking for a healthy corrective move lower towards 9500, which should offer a great buying opportunity for anyone who missed out lower down.
I'm holding long from an average entry of 8300, looking for a test of 11500 next week. I will likely take some profits off the table there and look to buy back into any corrective weakness that follows.
