BTC will bounce between $9,000-$12,000
There are three key takeaways from the chart (courtesy of GDAX).
We've seen >$9,000 a few times this month already. If it survives through the American sell-off starting in a few hours (happens almost every time America wakes up after a big push), then we have set a new trading range. If we fail at $9,000, then we are back to $8k.
If we hold $9,000, we need to make it through the EMA26 moving average. We are still, despite what the last few hours might tell you, in a bear market. If we get above the EMA26 at about $9,600, we are in the clear for a while.
The next resistance line is at about $12,000, which is where things really broke-down last time. As such, it will serve as a ceiling for the next bull run before gliding back down to wherever the EMA26 resides at that time.
My 2-cents: consider taking some money off the table after this big run over the past few hours. If we break through $9,600, repurchase and glide to $12,000. We have some resistance to get through before we are in the clear. So far, so good- but there is little harm in taking advantage of the profits we've seen to hedge your bets.