Mid-day Update… Fresh highs, and Bitcoin target met.

Morning drop recovered to probe overnight highs.

This morning’s 2703.00 bias-up signal triggered without being touched post-open. But having held a test of its 2713.50 bias-up target, the balance of the window was likely to test the bias-up signal as support. This template is standard, and I describe it in great detail this morning here.

Anyway, probing under the bias-up signal had required retracing 2703.00 before an actual drop would be credible. No actual drop was required. The retracement would be free to actually resume the overnight rally, or at least to retest the 2719.50 overnight high.

2703.00 was probed down to 2688.50, indicating a buy signal back above 2700.00. It triggered, and the overnight high was probed up to 2721.00.

Structurally, the fresh high is the minimum reward for having absorbed the probe under 2703.00. Meanwhile, this afternoon’s 2712.50 bias-up signal has triggered, putting into play its 2725.00 target. A pullback is now trying to hold 2712.50 as support, and back above 2717.00 (being tested now) would start signaling its success. Dipping under 2711.50 would be difficult to recover today.

BITCOIN. I described a pattern developing this morning that suggested the hesitation upon approaching 10,000 would lead to a surge through it, and THEN a more substantial pullback. The surge is now developing, and my mid-morning update in the chaRTroom noted its minimum target is 10,225 where I would begin selling. Piercing the target by $22 is reacting down sharply, already $100 points to 9,945. Curiously, ETH and LTC didn’t participate to the upside.