You know its Sunday when the market behaves like that. Realistically a small correction is heavily needed after this heavy run up so not necessarily a bad thing.
There are a couple of scenarios that can happen but ultimately both bullish long term.
$38.5k and $37.7k could be seen for a heavy bounce back into this triangle of consolidation. Personally I think we will be bouncing in this ascending triangle until the pump above $42.5k comes.
There is a trendline that is in play a stronger than previously thought on the daily that cross the resistance at about $41.2k would potentially be very tough to break.
Still a shortterm bearish scenario in play which can see the CME gap be filled at $33.5k so beware this can go in to consolidation at that level (See 1 hour chart)
Play of the day - bullish. If we hold above $39.5k or bounce back above then targeting to $42k again. I am not risking shorting this week.