Bitcoin looked strong following a rebound from the $9,300 area. It almost broke through the $11,000 resistance area, but unfortunately it faltered. As of this writing it trades at $10,262 after a quick dip in the afternoon.
Looking at the chart we can see it failed to break through resistance of the descending channel and Triangle. It’s broken again through the longer term support area (red dotted line), but more importantly seems to be trading in range of $9,500 – $11,000 (yellow box with white border). As stated before, a violation of this range and we could see $8,000 and possibly the $7000’s.
As of right now, if Bitcoin keeps failing to break $11,000 a move below $9,500 may be imminent in the short term and then we should see a big run by middle of next year.