It is clear that we are forming a perfect Bull flag pattern after the parabolic uptrend of this weekend.
We dipped below the pennant last night only to be supported at the $9200 level after which we Bart'ed back up.
To me this is showing some that demand is rising after a 15% correction back to the $8900 level.
Giving the 40% rise in price to our local top of $10480 and despite this bullish pattern I am currently neutral biased.
A retest and break of the $9200 level could very well mean a drop down to the $8500 level,
however a successful retest and break of the $9800 level will most probably mean a continued climb to the $11500 resistance level.
We dipped below the pennant last night only to be supported at the $9200 level after which we Bart'ed back up.
To me this is showing some that demand is rising after a 15% correction back to the $8900 level.
Giving the 40% rise in price to our local top of $10480 and despite this bullish pattern I am currently neutral biased.
A retest and break of the $9200 level could very well mean a drop down to the $8500 level,
however a successful retest and break of the $9800 level will most probably mean a continued climb to the $11500 resistance level.