Bitcoin increased and erased the morning losses signaling that the bulls are still very strong and could lead the rate towards new highs. Price has consolidated in the last days and now seems poised for a breakout. Remains to see what will really happen until the end of the day because we may have a only a false breakout today.

Price is still in the buyer’s territory, so most likely will resume the upwards movement and will reach fresh new highs. Bitcoin should increase further because is still very attractive even if has jumped above the 8000 level.

You can see on the daily chart that has made another false breakdown below the WL3, but the seller’s weren’t so strong to keep the price below the WL3. A valid breakout above the sixth warning line (wl6) will bring a good buying opportunity.

Personally, I still believe that will approach and reach the 10000 level in the upcoming weeks if will stabilize above the sixth warning line  and above the WL3 of the ascending pitchfork. Technically, is expected to increase further if will close again much above the third warning line (WL3) of the ascending pitchfork.

A selling opportunity will appear if the rate will close below the WL3 again and if will fail to make a valid breakout above the wl6. The upcoming hours could be crucial from the short term movement.