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On the upside, the $2,500 level will obviously cause some resistance, but I think it will be minor due to the fact that we have already sliced through it a couple of times. The target at this point in time would be $2,700, but I also believe that takes some time to happen. After all, the market had shot straight up in the air for quite some time to get to the $2,700 level before falling to where we find it now.
The momentum can only last so long, and I think that’s part of what you’ve seen in both directions. Now, we are probably going to try to carve out some type of trading range, with perhaps $2,100 underneath being a bit of a floor. Where the ceiling is, we don’t know quite yet. I suspect it’s somewhere around that $2,700 level, but only time will tell. Ultimately, this is a market that I think will continue to take its cues from the Bitcoin market, and therefore it’s worth paying close attention to what is going on over the next couple of days to give us an idea as to where we may go for the next few weeks.
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