This is a breakout. Unlike any other breakout that's occurred since Christmas. Money has moved in off the bottom. Sure we are all left a little bit shocked at the speed of the movement, probably most are still looking a bit confused as they expected lower (myself included)....but if ever you wanted a signal that the bottom had hit, then you got it yesterday.
Aside from the massive volume pump, we can clearly see our MACD narrowing trend shattered, which has held since the ATH. We knew we were getting near the end, and the explosive power that we broke it suggests end of phase and on to the next.
Its still likely that we may get some recoil whilst the market absorbs this action, but ultimately I believe we have hit bottom and can now go about our business for a while.
Personally, I'd have preferred we hit 6k or 5.5, but the money speaks and we all now need to lose the fear. This bear has turned bull.
Happy trading and good luck.
Aside from the massive volume pump, we can clearly see our MACD narrowing trend shattered, which has held since the ATH. We knew we were getting near the end, and the explosive power that we broke it suggests end of phase and on to the next.
Its still likely that we may get some recoil whilst the market absorbs this action, but ultimately I believe we have hit bottom and can now go about our business for a while.
Personally, I'd have preferred we hit 6k or 5.5, but the money speaks and we all now need to lose the fear. This bear has turned bull.
Happy trading and good luck.