I wrote a whole post explaining why Bitcoin flash crashed to the low 9ks, and all that important stuff. Plus I also called the rebound to the higher 10k prices. You can check out that post here.(I am a master of chart art after all 😉)

But in this post, I want to explain why Bitcoin has bounced up again, and whether or not it will last in the longer term.

Obviously, Bitcoin is no slouch to volatility.

It is a market leader, and one with a great deal of authority. 

But that flash crash was literally unforseen, although essential to the growth of Bitcoin.

You see, as I explained in the post I linked above, Bitcoin rallied by 13+% to over 10.2k, without any correction whatsoever. The market obviously isn't that lenient, and Bitcoin crashed and burned for about 24 hours afterwards.

But now that the correction has happened, and Bitcoin has cemented it's new high, I believe we might be in the right place for the 11k rally.

Bitcoin has broken its 1 day bear market trend, and the formation of a three white soldiers pattern is obviously a strong uptrending sign. Here is s chart so it's easier to visualise.

The three white soldiers pattern can be seen breaking out of the top Bollinger band in the above chart. This is an obvious sign of a coming uptrend. RSI is also above 50, so if you weren't long before, you certainly shouldn't be now.

That said, there might still be a small correction back to maybe 10k, before the 11k rally. Now this is a very small probability event, but it's still possible, so buyer beware.

We will see a rally soon, no doubt. If you missed the uptrend, there's no need to be sad. The correction will come soon, maybe to 10.1k or even 9.9k, and then you can long in expectation of the uptrend.

That said,there are two red candles forming right now, with enough volume for a powerful downtrend back to support. This may not happen, as everything in the market is based on probability, but it is still an occurrence that might occur.

Basically, don't rush your long orders. And don't be emotional. Take your time.

Let's see what tomorrow's analysis will bring!

Thanks for reading.