Good Morning Bitcoiners,

Last month the price manage to build a candle stick with long tales and a relatively small body that indicates the uncertainty towards how further the price could go after reaching new historical highs $1242.00.

Because the over extended trend in the last two months, it's possible that the price continues with the side ways trend for a while and that will could help the price in building new supports and new higher low's in daily and 240 minutes chart. This particular behavior can help the price to reach the historical highs in few weeks time.

The weekly chart is showing a higher low that it's active since $837.00 and it can keep going up towards a first point of reaction $925.00 and if the buyers power and the volume keeps the same momentum such pattern can keep the penetration towards $1068.00. If this hypothesis gets confirmed by the uptrend there is a possibility that such pattern will $1242.00.

The 3 day chart is showing an over extended trend by candles sticks only and it can keep it's bullish momentum towards $1068.00 and if that happens the over extended trend won't give entries in daily and the 240 minutes chart will be the new possibility.

And last but not least, the daily chart shows a similar condition as the 3 day chart. The daily chart will keep trying with the penetration towards $990.00 and that will show a possible over extended trend during the next couple of sessions.

Volume will have a big role in this hypothesis during the course of the month and if the volume keeps coming, the price could have a chance to reach the targets we mentioned sooner than later.

Here is the monthly analysis.

http://youtu.be/HNM2pLiIavA