Bitcoin (BTCUSD)

[Tincupx]

Let’s not get too overconfident in voicing off a ceiling. That happens in every single uptrend no matter how fierce the rally. What’s important for the bulls is that the 6 month downtrend was broken, and broken to the upside. Currently sits right on the 50 MDA and true uptrend support lies just below that around 16,600. If that area fails after a close then it could 100% retreat. To me, breaking a 6 month bearish pennant to the upside represents a strong move. Based on that I’m placing my bet that we are upside from here while I closely monitor and sudden downward moves. Once again, hitting a ceiling is the standard within an uptrend so using that as a top, when a vehicle has broken out of a major trend, is usually a losing formula