The cryptocurrency increased significantly in the last days and has finally managed to jump in the buyer’s territory. Price has tested a broken static resistance in the yesterday’s trading session and now seems determined to resume the upside movement.

Personally, I’ll be happy to see a strong consolidation here in the upcoming days before the crypto will try to run for new highs. The current upside movement could be only temporary and could come back down from a near-term resistance.

Right now is hard to believe that we’ll have a strong upside movement without significant retreats. I’ve said in the last reports that the next upside major movement will be a slower one compared to what happened in 2017.

The traders and investors will be more careful and will get out very quickly if something happens again. What happened in the last days has confirmed once again that the technical analysis works perfectly on the cryptocurrencies. There were many voices that sustained that the technical methods don’t work on the crypto market, but all my work since 2017 have proven the contrary.

Price has tested the 7778 broken resistance in the yesterday’s trading session and now approaches and maybe will reach the 8199 Friday’s high. Resistance can be found at the 23.6% retracement level and at the 50% Fibonacci line.  The first warning line (wl1) of the major red ascending pitchfork represents a strong resistance as well. A minor consolidation above the 7778 static support (resistance turned into support)