The price hit 5,000 today. Obviously, it will fall back to 4,000 these days. But does anybody know what the hale it is?
a key resistance ($4200) was broken. lots of stop losses were sitting right above that breakout area. looks like some big liquidations too. margin calls + stop run = fast price movement. it doesn't necessarily indicate a new bull market or anything, just that temporarily shorts were heavy, supply was low and demand was strong.
i'm really glad to see this breakout though. it's the first weekly higher high since december 2017. i think we're really carving out a bottom range now. give it 6 more months and we might just have ourselves a bull market.
For reference, look at October 2015, same thing happened to start the last bull run.
way less time has passed this time, with a much less significant breakout. we're gonna form the upper end of a range with this rally IMO. i think people are getting a bit too overexcited right now.