At about 9k we're seeing some heavy resistance as price is hitting the 50 DMA and a zone of heavy resistance between $9000 and $9200 which requires breaking above the 50 DMA and then through the 50% fib retrace from the recent move from $5900 to $11800.
We can see that price has broken above the slightly descending upper channel trendline formed March 7. This channel will also provide extra resistance. The upper channel trendline is intersecting the ascending trendline that price has been following the past day or so and this intersection will happen this evening at 11:30 PM EST. Should the price follow this descending trendline down we could see the market lose faith in this rally. If we break sideways or continue to track the ascending trendline from the bottom formed March 14 then we could see a continuation of the creep upwards in the tight channel formed after the big breakout on Sunday.
What's exciting is that an ascending channel with a bottom trendline tracing back to the dip below 6k is quite close now at about $9600-$9700. If price can manage to continue a positive trajectory through this evening, ideally staying in the March 14 ascending channel, then we could see a strong push either into the ascending channel just above or the downward trendline off the ATH by March 24-26.
So getting through the heavy resistance below $9250 could open up a run to $9900-$10000 and a move above the yellow downward trendline would strongly signal a reversal and a run back to test 11.8k would seem inevitable.
With that being said, volume is super low right now, and I wouldn't be taking too much risk at this stage. It still seems highly plausible that we will revisit the March 2017 ascending trendline given its strength, which could provide an inverse H&S type pattern to help assure the market of a strong reversal.
Beyond 11.8k it's still too early to say. In 2014 there was a similar pattern with a break above the midpoint between the ATH and eventual low that crossed the downward trendline but then failed to continue a bullish trend and fell to even lower prices. 1 D RSI hasn't signaled a bottom so a trip lower remains plausible over the next few months though at this price 50 DMA is dangerously close to printing a death cross, and my feeling is that at this stage there is so much money invested in crypto that there will be a strong effort to see that the market doesn't collapse, especially since the entire market is now hinged on Bitcoin's survival of this downtrend, especially Ethereum.
Ethereum has just barely grazed the ascending trendline that goes way back (don't remember how far without looking) and seems to be relying entirely on Bitcoin reversing to avoid potentially an even bigger freefall. So when you consider everything that is riding on Bitcoin breaking out of this sym triangle and resuming a relatively bullish trend it would make sense that those who have capital available are using it to push prices higher and keep the market alive. Google Search Trends bottoming out, Tom Lee's BMI, and a bottoming of on-chain transactions all would suggest that we're pretty close to the bottom.