Yesterday we had a very favorable development on the short term price action. Bitcoin broke the 8200 4H Resistance and is now testing the 9000 level. This is the Resistance on 1D which if broken opens the way to 10400 initially. The second development was last week when the price rebounded on the 7460 support while also holding on the Higher High of the previous Channel Up which turned into a Higher Low. This Channel is now the accumulation zone (buy every time the price crosses into it).
Those two actions have solidified a strong foundation for the next move. The 10400 target follows the 14 day duration pattern between the previous two peaks and yesterday's top.
If however BTC follows the more aggressive move (+65%) of the last time the price bounced on the Higher High of a former Channel Up (this Channel is illustrated in dashed lines and I couldn't squeeze it on the chart so scroll to the left), then we can even see 12300!
Maybe too early to call but I am only following the short/ medium term patterns at hand.
Time to get greedy? Let me know if you agree in the comments section!!
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