Bitcoin fell a little further than I expected but has now finally broken out to the upside. I have remained Bullish despite the drop through support at $2120 which was nothing more than a shakeout. We now have a sign of strength, a bullish engulfing candle on good volume. Momentum is still up with plenty of upside left on the MACD.
We can now consider the entire trading range since June as a re-accumulation phase. From the low of the AR to the Buying Climax the range was about $860. If we take this price spread and apply it to the breakout point we have a price target of at least $3840. Hopefully STEEM catches a bid soon! GL Traders
