Looks like a pretty clear Inverse Head & Shoulders (which is a bullish continuation pattern in an uptrend)
The target line coincides nicely with the $10k range a lot of people have been expecting, which is a huge psychological target. And it would make sense to run up to those levels in anticipation of the CME Futures market launch on Dec 11.
There was a small dip back below the neckline on the Tether news, which quickly recovered - very bullish in my opinion. That's the kind of news that would have done some serious damage earlier in the game and now it's just a blip.
Just to speculate:
There is a bearish divergence on the stochastic RSI and there's also a major US holiday coming up, so if I had to take a guess I'd say that we might get close to or hit $9k in the next couple days, then fall back to test the neckline on or just before Thanksgiving - then assuming it bounces off, reach $10k over the next week or so.
Personally I'm long from about $8000ish, and will add to my position if it returns to the neckline and bounces off again. Will close my long if it fails to take off or closes a candle below $7800ish.
Good luck!
The target line coincides nicely with the $10k range a lot of people have been expecting, which is a huge psychological target. And it would make sense to run up to those levels in anticipation of the CME Futures market launch on Dec 11.
There was a small dip back below the neckline on the Tether news, which quickly recovered - very bullish in my opinion. That's the kind of news that would have done some serious damage earlier in the game and now it's just a blip.
Just to speculate:
There is a bearish divergence on the stochastic RSI and there's also a major US holiday coming up, so if I had to take a guess I'd say that we might get close to or hit $9k in the next couple days, then fall back to test the neckline on or just before Thanksgiving - then assuming it bounces off, reach $10k over the next week or so.
Personally I'm long from about $8000ish, and will add to my position if it returns to the neckline and bounces off again. Will close my long if it fails to take off or closes a candle below $7800ish.
Good luck!
