Following yesterday's unforseen uptrend back to the high ten thousands, Bitcoin seems to have recovered it's momentum to the upside.

Having gained a new high of $10000 this year, Bitcoin corrected to 9700 before rallying to make an all time high for the year at $10415.

All this seems great, but it would be nice to know what Bitcoin would do next.

However, it is quite impossible to predict the market, so please take this analysis with a grain of salt.

Let's get started!

Ok, so first, a chart.

As we can see, Bitcoin recovered with a strong "three white soldiers" bullish pattern over from the low 9k downtrend.

However,since the Bollinger bands could contain this outbreak, it may not last very long.

Also, we can see the formation of a bearish candle right on the top of the Bollinger bands. If this candle turns to an engulfment type, we might see a retest of resistance-turned-support at $10k. If the level fails to hold, it's back to 9.7k for Bitcoin.

However, on the flip side, if Bitcoin does manage to rally, it will face a strong resistance at $10500, as that is a historic resistance point for bitcoin.

A rally above that seems unlikely for the short term, considering the fact that the recent high at 10450 was instantly rejected with some strong bearish movement.

The RSI is still below 70 though, so that means that there might still be space for an uptrend to test the 10450 level again.

The momentum and volume behind that test will determine if the level is broken or not.

But for now, we wait and watch.

PS: I personally longed at the dip to $10250, and I hope to see 11k soon. I'll be staying long for now, but since I'm so chicken, I will get out at the first sign of a bearish downtown.