On the 4 hour chart we just bounced off the heavy resistance of $9,380. Fitting since this is also the top of the ascending wedge that has been being built for sometime. We see the resistance (now support) of $9,050 right below us and also the bottom of the ascending wedge. But I think we have not shaken the bears and when BTC trends back down to the bottom of this ascending wedge, there is enough doubt in the market place about this new run that we may very likely fall back down into the $8,000 range.
We will see but this seems a likely scenario to me. Hard to have such a rally without severe bloodshed followed by excellent news about bitcoin. There just hasn't been mush out. There is a difference...altcoins have been increasing greatly. But I can't believe this is our rally. If we do happen to break upwards out of this wedge, then I think we are in a full blown bull market. Sentiment will have changed and there is not much resistance over our head for a while. I think chances of that are 30%. Bear down to $8,000's and even $7,000's....70%.
Good luck out there!
