Bitcoin increased in the last hours and erased the morning losses and now is pressuring a static resistance. A valid breakout will confirm a further increase, while a rejection will send the rate down again on the short term. Technically, it should resume the upside movement after the breakout above some important resistance levels, the minor decrease was natural, price has come back down to try to test and retest the broken lines and to confirm the support levels (resistance has turned into support).

The upcoming days could be crucial for the Bitcoin, a failure to jump above the 11735 previous high will signal an exhaustion on the Daily chart and a potential drop.

Personally, I still believe that the crypto market will recover after the unbelievable crash, the most important cryptocurrencies are expected to double their value in the upcoming months. Bitcoin, Ether, Litcoin are still very interested for the investors despite the regulation talks.

Price has managed to jump above the third warning line (wl3) of the minor blue descending pitchfork and above the second warning line (wl2) of the minor ascending pitchfork, but it has found temporary resistance at the 61.8% retracement level. Bitcoin has decreased a little, but failed to retest the median line (ml) of the black ascending pitchfork signaling that the bulls are still present in the game.

A valid breakout above the 61.8% retracement level will confirm a further increase at least till the sliding parallel line (sl) of the black ascending pitchfork.

Only a valid breakout above the 50% Fibonacci level will really confirm a larger upside movement. Right now is hard to believe that the rate will reach the historical high, but it could still reach it on the medium term as long as will stay above the lower median line (LML) of the major red ascending pitchfork.