Hey everyone - hope you're all just as stoked as I am!
I'll get the positioning out of the way first, as we are way overbought. Could well go higher, but I have closed my entire long position from 3150 and taken profits. Had a good run and right on technical targets - keeping that greed in check! Bird in the hand worth two in the bush and all that.
Here's a quick update on the technicals and what I see going forward:
Mega up run past three days, trading in a three-pronged ascending channel. Tagged the 200% extension at 4180 earlier today and has now pulled back - I sold into that tag at 4150. As I said in the intro, it could still move higher from here: equal legs with the run to 3003 (percentage terms) isn't til 4350. Having said that, I think she's done for the moment and a fake higher more likely than a legitimate break. I'd be interested in going long again at 3500-3750.
Let's unlock the scale for the bigger picture and longer term targets:
As you can see, 5000 really isn't much of a stretch from here. All Bitcoin has to do is keep doing what it's doing and chug higher in this channel. The 261.8% extension is 4900 and that lines up with the channel top on September 1. The mid point of the channel hits 4900/5000 some time in late September. If channel support came into play again (ie on a reversal below the mid-point), we'd be looking at slightly longer time frame.
To put it simply, as long as Bitcoin is trading within this channel, we are going to 5000 sooner or later. It's just a question of when ...
Also just a heads up for all my homies in #teamaustralia - coinspot is the best place to sell your Bitcoin! Their Bitcoin is a little expensive to buy, but the upside of that is they do a wicked deal on the sell side. I managed to get $5800 earlier, when best offer on Local Bitcoins was $5300 and Living Room were quoting $5100. Verification is a little arduous, but IMO it's well worth it for the Bitcoin sell price and ability to buy STEEM instantly with AUD. Here's my affiliate link - whenever you buy/sell whatever there, you'll be helping me out, so give them a look-see.
Pretty stoked right now, kind of want to do a dance or something:
(giphy)
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