A weekly close above 11200 would see a return to a bullish bias for Bitcoin (see Chart), according to Tony Sycamore, Director of Australia-based TECHFX TRADERS.

Following the five-wave rally from the March 3850 low to the August 12473 high, Sycamore thinks Bitcoin completed a three-wave corrective pullback to the September 9825 low. He says the following break and close above the 11200 resistance was a positive development and providing Bitcoin remains above 11200 on a closing basis the target is a retest and break of 14000.

Conversely, should Bitcoin lose the support at 11200 Sycamore says the risks are for a retest of the 9825 low, before a move lower into the 9000/8000 support region.

See Chart.