A lot earlier than I expected but BTC broke out after 2 consecutive daily close above 4700 as projected.
Dips near previous all time high (4950-5100) is a good buy here I think. However, 5k+ range break out volume is still lower than 4700+ breakout, so far above 4hr average. Eventually it may surpass it. To be safe, I think its best to wait for daily close above 5k. (Update: it turns out, in Bitfinex, the 4hr volume is already higher than 4.7k breakout, Coinbase may eventually follow).
If we establish new support above all time high (perhaps around 5000-5100), a reasonable 1st target is around 6.1k-6.2k as it is 1.618 fib retracement of the previous range.
Overall, I think it will go up from 5k but slightly bearish case of a return to 4.8k is still probable.
Dips near previous all time high (4950-5100) is a good buy here I think. However, 5k+ range break out volume is still lower than 4700+ breakout, so far above 4hr average. Eventually it may surpass it. To be safe, I think its best to wait for daily close above 5k. (Update: it turns out, in Bitfinex, the 4hr volume is already higher than 4.7k breakout, Coinbase may eventually follow).
If we establish new support above all time high (perhaps around 5000-5100), a reasonable 1st target is around 6.1k-6.2k as it is 1.618 fib retracement of the previous range.
Overall, I think it will go up from 5k but slightly bearish case of a return to 4.8k is still probable.