Bitcoin just broke out! As a result, markets are on the move too. Bitcoin just made a new trend higher high on big volume! If you zoom into the hourly and shorter charts, you can see the continuation and follow through. This isn't a spike move where all the volume appears in a three-minute interval.
We might see some brief consolidation here since all of the shorter charts are overbought.
I do think we just saw a quick moment of the bears trying to sell on the buy, but seems like already there are a few long margin positions closing out. We see these candles come in briefly to test the bulls. Bulls still rally, and we are looking at more upside.
Overall, I'm thinking this bull move should last a few days at least -- as long as there's follow through.
The target over the next few days if this rally continues is $10k. ETH is about $360, and BCH is around the low $600's.
I ultimately do think that this will be the last major leg up before correction of the weekly chart to test of lower supports (like back at $6k).
Hope you're having a great weekend!!
