It's been an interesting set of days, and equally a great start to the year.

If you read my post detailing the alts I was trading, and (although I specifically asked you not to follow my advice) went ahead and followed my advice, you'd be up 50% on POWR today. Great stuff!

That aside, let's take a lot at what Bitcoin did today, and what it might do tomorrow.

But first, a chart.

I realised that since it was the close of last month today, I'd post the monthly chart with last month's close clearly shown.

We can see that post the terrible crash Bitcoin experienced(along with any other asset) in March, Bitcoin has recovered all of its losses, and has started the month afresh with brand new returns.

Bitcoin finished the month strong, but would that momentum be enough to take it into the all time high price?

For the answer to that, we must look to what's happening right now. On the hourly and daily charts.

This is the daily chart with fib levels drawn on it. I personally feel that fib levels are full of crap, but given the number of traders that use it, I'm more than happy to get an entry using them.

It seems that Bitcoin has started to move in a range like pattern. This will be the base for alts to skyrocket from, but we'll leave that out for now.

Anyone hoping that Bitcoin would make another move to 9.5k should rethink. Mostly because the volume has been cut in half, and these spikes up are from the remaining bulls who still believe a move to 9.5k is possible.

The volume of the small pumps has been met by serious dumps back to the short term support. Should we break this support level, we will retest 8.2k, and then 7.7k. These retests would be very healthy in the long run.

So how do you play this?

Basically, I'm looking for 10x leveraged shorts in the region I highlighted. My stops would be at 9.5k, and if a clean break of 9.5k is achieved, I would switch my bias to long and follow the trend.

However, if my short plays out, my TP points would be 8.2k and 7.7k. They are kogucal areas of previous support.

However, only time would tell if these will be the case.

Thanks for reading, and if you'd like to play my calls with free bitcoin instead of your own, click this link. You'd love it.