Despite some minor liquidity-driven volatility over the weekend, for the most part the market has been able to consolidate and recharge without much in the way of pullbacks.

The train to the upside keeps rolling down the tracks as new highs were once again hit during the Asia session, having said that we think that the market is currently looking very stretched from a technical perspective which is why we took off the ST ProTrade at the 1285 $ intended target.

Despite some to-be-expected volatility around the current breakout, the market looks poised for more gains through the end of this week as some newly emerging technicals indications hint that this could be the beginning of a more substantial move to the upside.

As expected, the market went into a rangy consolidation mode over the weekend testing both the upper levels of the range above 1200 $, as well as the lower end of the range around 1130 $.

Well ladies and gentlemen, it certainly looks like the bitcoin markets are on the verge if breaking both the regional highs of 1140 $ from early this year, as well as the ATH of 1163 $ from November of 2013.

More positive developments for the bulls in the overnight/China session as price broke convincingly above the 1040 $ near term resistance level on its way to the 1060 $ area where it now sits.