When you don’t expect something to happen at all it will occur and vice-versa. That’s a brief characteristics of the last week’s price action. As I stated a few posts ago we might have seen the bottom and this conviction is now even stronger.
After three weeks of choppy action we got a big move, that’s how every market works. Now this price rise should continue and a small or big fight is expected at major this year down trendline.
Trendline or no-trendline (if you watch more charts and exchanges some show a break already, others not) price action is what decides. After breaking $550 the price makes new highs and there’s potential to further rise somewhere near $700. This new up-trend would be endangered only if the price goes back below $430. I think it is a history.
Buy: now or down to 530 Stop-loss: 514 Take Profit: 640; 690
Sell: 520 SL: 545 Take Profit: 480
I would be very careful with selling right now.