Here we go boys and girls. Bitcoin has finally re-tested and passed the $9000 mark. It had previously made two attempts at it and failed. Also, on the hourly chart bitcoin has been closing above the 50 EMA for the last 22 candles which implies bullish implications for the king of coins. We are currently bouncing off of the 9 EMA using it as a support line. Bitcoin has had a lot of experts in a state of confusion for the last week or two but it seems like Bitcoin's sentiment is actually starting to pick up for the positive. We all know how quickly things can change though. The real experts are the ones who set out both a bearish and a bullish path and prepare themselves for both situations. The $9000 resistance line has proven to be a critical point for a bitcoin thus far. Passing it and closing above it on the hourly for the amount of candles we have is a very good sign that bitcoin will continue the uptrend to hopefully retest the $10,000 mark and maybe even the $12,000 mark. However, there are a lot of Elliott wave analysts out there that are saying if any of the impulse waves fail that it may become a WXYZ pattern which could lead bitcoin down further in the $5000-$6000 range. Some say we had already seen the WXY pattern emerge and thats what brought us down to $5800 initially. I think I speak for a lot of people when I say we would all like to see bitcoin recover and begin to test new all-time highs. Funny how we want Bitcoin to be at all time highs and lows at the same time to benefit from them. However it ends up working out, we’re in for a wild ride. All of this is history in the making and we’re lucky to be involved, nevermind actually profiting from it.
