Yesterday after holding the 136b support and closing above the 3 day range, we finally broke through the 140b level and surged higher. This being the total market cap gives you a sense of what the overall market was doing. Giving no regard to the 145b and 150b minor resistance region, we continued higher and closed above the crucial 160b level. Which ended up 16%+ for the daily session.
For now it is difficult to determine the next short term move, after such a dramatic movement. Which is why I usually step back from the charts and let the market breath for a day or 2 before re entering any margin trades. However the medium term bias for the time being is still bullish, especially after a strong close across the board as shown on the total market cap.
As long as we remain above the current 160b support level I believe we should see a continuation to the further upside targets at 175b and 188b. However if we do lose the current support I believe a retest lower to the 155b price level is orderly and healthy for higher price discovery.
*This is NOT financial advise and intended for educational purposes only*
For now it is difficult to determine the next short term move, after such a dramatic movement. Which is why I usually step back from the charts and let the market breath for a day or 2 before re entering any margin trades. However the medium term bias for the time being is still bullish, especially after a strong close across the board as shown on the total market cap.
As long as we remain above the current 160b support level I believe we should see a continuation to the further upside targets at 175b and 188b. However if we do lose the current support I believe a retest lower to the 155b price level is orderly and healthy for higher price discovery.
*This is NOT financial advise and intended for educational purposes only*