Break out of retracement creates new targets
Break out of the 48k test from a low point of 38k suggests more upward pressure.
55k is the 1.618 fib extension created from the 48k-38k retrace.
The recent chain of bullish green days suggests overbought territory, with the RSI in the 90+ range for the second time.
I don't think today will end as a Green daily candle. I think there should be a few days of price consolidation before we can have a push to 55k.
We might see weakness during the consolidation in the next few days, with a collapse down to 40k-46k, before possible show of strength to indicate a push.
55k is the 1.618 fib extension created from the 48k-38k retrace.
The recent chain of bullish green days suggests overbought territory, with the RSI in the 90+ range for the second time.
I don't think today will end as a Green daily candle. I think there should be a few days of price consolidation before we can have a push to 55k.
We might see weakness during the consolidation in the next few days, with a collapse down to 40k-46k, before possible show of strength to indicate a push.
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