Bitcoin increased significantly today and tries to stay in the buyer’s territory on the Daily chart. Price has come back down to test and retest a broken resistance line and now is struggling to jump above some resistance levels again.

It remains to see what will happen till the end of the day because the rate could erase some of today’s gains. I’ve said in the previous week that the retreat could be only temporary, it could come back down to recapture more directional energy before will jump higher again.  We may have a great buying opportunity soon, but we need a confirmation before we go long again. It looks like that the rate has found strong demand again on the short term and now could try to climb at least till the 11735 previous high.

I’ll repeat myself, but I still believe that the Bitcoin will jump above the 20000 level, even if we had this amazing drop on the Daily chart.

You can see that the rate has come back down and has retested the blue downtrend line, I’ve said that the price could come to do this before will start a larger increase. Is still premature to talk about a larger increase as long as the rate is located below the third warning line (wl3) of the descending pitchfork and below the second warning line (wl2) of the black minor ascending pitchfork.

We may have a great buying opportunity if the rate will come back and will stabilize above the 61.8% retracement level. The failure to reach and retest the lower median line (LML) of the red ascending pitchfork. However, a breakdown below the LML will confirm a further drop in the upcoming days, the rate will drop towards the 5814 former low.