We saw Bitcoin jump back up 10% of it's total value yesterday taking it up above 10k and beyond! This has all happened fast, and we now find ourselves at 10.7k around the trend line of the downtrend we have had over the past couple of months. If we were able to break through this and stay above it on the daily candle (i'd really look for 3 daily closes above), then we could be looking for a bearish-bullish swing.
To be honest, I think it may need to fall back down in order to pick up the momentum to get us up through the previous resistance at 11.2k and up to the big resistance of 11.8-12.0k. I'd look at the volume closely on the hourly but expect this to potentially retrace a bit after a brief fake out above the downtrend (similar to what we saw on Feb 20), but it's one to set a stop relatively close if you do think there is an opportunity to go in. I would look for low buy volume around this 10.7k/10.8k mark, before decent volume on a retracement.
To be honest, I think it may need to fall back down in order to pick up the momentum to get us up through the previous resistance at 11.2k and up to the big resistance of 11.8-12.0k. I'd look at the volume closely on the hourly but expect this to potentially retrace a bit after a brief fake out above the downtrend (similar to what we saw on Feb 20), but it's one to set a stop relatively close if you do think there is an opportunity to go in. I would look for low buy volume around this 10.7k/10.8k mark, before decent volume on a retracement.