The $380 resistence was history finally, as the second test broke through and we got well above $400 Sunday morning. The support is holding for now and if that prior resistence level becomes a solid support, we could be in for a nice ride this coming week.
China spot markets broke 2600 CNY on the move, as the CNY premium to USD exchanges broke 3% in the FOMO pump:
The higher CNY premium to USD indicates a pretty bullish sentiment. Remember in the November 2015 $500 pump the CNY premium got increased throughout.
Quarterly premium at OKCoin looks healthy still at 2.5%. We've made a pretty big move up, considering we were at $300 weeks ago and now we're at $400, that's a solid 33% move. There may be a pullback after this kind of extension up.
