UPDATE - NEW RECORD HIGHS ...
... BTCUSD is looking a little weak in late Asian trade, pair set another record close yesterday at 4718, but volume wasn't anything to write home about and pair is currently down on the day. My call for 5000 on or before September 5 still stands, except it doesn't hurt to be nimble when we're this far into a rally.
Here's a quick look at the daily chart:
As you can see above, the weakness isn't that pronounced yet and the chart still looks very bullish. Having said that, it wasn't the daily chart that made me question my longs today, but the hourly and 4 hour - the overwhelming majority of today's weakness occurred in a single hour at around 2 PM Sydney time:
Regardless, the short term bull-trend remains in tact and former resistance has not yet been tested. This is likely nothing more than a little hiccup on the path higher. We have just under 2 hours until the next 4 hour close and I'd like to see pair recover into the green before then:
As I said earlier, I remain bullish and continue to call for 5000 on or before September 5, but I'm prepared to start fading out if the lower time frame technicals deteriorate.
Good luck guys and remember to keep that greed and ego in check!
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