It was a very aggressive wick down through it but on the other hand it was a strong bounce back above it.
The bottom trend line at around $8,000 has been a target for a lot of big traders and that in itself could have caused the bounce with front running the 8k buy.
Either way it seems like a strong bounce to me.
Targets
My targets for the bounce are the bottom of the cloud at around $12,800 and I will let some ride to the top of the cloud which is also the 50D MA, around $14,500.
On the downside I will be looking to buy more on bounces on the 100D MA (picked up some about an hour ago). And I still have my largest / leveraged buys placed down around 8K.
With the length of the cloud I'm not expecting this recovery to be fast and expect us to slowly rise to these targets over the next 2 weeks.
Thanks for reading.
KevinBacon
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