The price edges higher and seems unstoppable. Bitcoin is strongly bullish and could reach the $7000 level in the upcoming hours, a breakout above this level will confirm a further increase in the upcoming period. The rate has passed above important upside obstacles signaling that the bulls are still in full control and are determined to conquer an unexplored territory. Bitcoin reached a historical high and the door remains wide open for fresh new highs, unfortunately, is not a good time to go long at this moment.

Price resumed the bullish momentum and has managed to reach fresh new highs. Is trading above the second warning line (WL2) of the ascending pitchfork, a valid breakout will signal a further increase. Only a false breakout above the WL2 will confirm a minor drop on the short term, the downside targets will be at the 250% and lower at the WL1, but this scenario is likely to happen.

Ethereum Drops As Expected

I’ve said in the yesterday’s article that the rate should drop after the failure to breakout through the confluence area formed between the 50% Fibonacci line of the ascending pitchfork with the sliding parallel line (SL) of the descending pitchfork. The next downside target will be at the sliding line (SL2) of the major ascending pitchfork. Ethereum is trapped between the SL1 and the SL2, a breakdown from this channel will signal a further drop in the upcoming period. Another major downside target will be at the LML of the ascending pitchfork.