I've been closely monitoring Bitcoin and here are my thoughts regarding possible next moves. I have highlighted three possible scenarios (green, orange and red). Any of these is possible at the moment and it's the market that has to decide.
The key for momentum is closing above the latest high at 9,500. This would indicate that this market wants to continue higher after a possible retracement back lower. As you can see, we haven't managed to produce a single major higher high after 17,000! At the same time, it's important for the green and orange scenarios that we do not close below 6,000. If we close lower, the downtrend will most likely continue (red scenario).
Thanks! I'd like to hear your ideas, too!