CME Data Denotes Possible Bullish Continuation and ATHs
The CME chart closed above the previous weekly close high last week.
That's pretty bullish.
Week-on-week buy volume has also been steadily increasing.
Look at those gaps down below! Will they ever get filled?
I know they will, over time. But in the meantime... what if we go all the way to the .272 extension at $82,000?
There is plenty of trend line confluence that supports a rise to that zone.
I post a lot of bearish charts because in my heart of hearts I don't want to believe that we are done correcting yet. I think that no matter what, there are still bearish elements in this market from the previous 15x rise and subsequent fall. That triple bottom at 30k is more artificial than people realize. It will get broken at some point; the question is, will we go the entire rest of the bull run before we ever even get close to breaking it again? Most believe that to be the case at this point, so I will join the ranks of the 'Not convinced but willing to go along with it' crowd for now.
I still believe that there will be a time before this bull market is over where there will be a correction greater than most people expect. Until that happens I continue to advise you to tread carefully. Play the breakouts if you must but treat them mainly as scalps or swing trades for the time being.
Honestly even upon a breakout to all-time highs I may very well continue shorting at every key extension resistance level on the way up. But, depending upon the strength of the breakout - if it occurs - I may also choose to long this until 82k.
Have a plan for every possibility.
That's pretty bullish.
Week-on-week buy volume has also been steadily increasing.
Look at those gaps down below! Will they ever get filled?
I know they will, over time. But in the meantime... what if we go all the way to the .272 extension at $82,000?
There is plenty of trend line confluence that supports a rise to that zone.
I post a lot of bearish charts because in my heart of hearts I don't want to believe that we are done correcting yet. I think that no matter what, there are still bearish elements in this market from the previous 15x rise and subsequent fall. That triple bottom at 30k is more artificial than people realize. It will get broken at some point; the question is, will we go the entire rest of the bull run before we ever even get close to breaking it again? Most believe that to be the case at this point, so I will join the ranks of the 'Not convinced but willing to go along with it' crowd for now.
I still believe that there will be a time before this bull market is over where there will be a correction greater than most people expect. Until that happens I continue to advise you to tread carefully. Play the breakouts if you must but treat them mainly as scalps or swing trades for the time being.
Honestly even upon a breakout to all-time highs I may very well continue shorting at every key extension resistance level on the way up. But, depending upon the strength of the breakout - if it occurs - I may also choose to long this until 82k.
Have a plan for every possibility.
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