Current Target Hit

The long target of $1300 has been achieved. As with any market, things can continue to remain overbought for a long time. I am leaning towards a pause here and retracement back to previous ATH around 1160. That would setup a larger fib support level in the $1000 area should the ATH bounce fail and breakdown. I will not draw that until we have more of a pull back here.

If bitcoin truly takes on it's role as digital Gold (and you may argue we are already there with it surpassing gold price), then it's use as a flight to safety is going to be amplified many times going forward. More on this later.