Bitcoin dropped sharply in the yesterday’s trading session and now is pressuring a very strong static support area. Price failed to stay above a dynamic support signaling that it could drop further in the upcoming period.

The rate seems undecided today, even if it is expected to drop further on the short term. We’ll see what will really happen because a rejection from here will send the rate above the 9000 psychological level again.

There are many specialists that sustain that the Bitcoin will drop at least till the 5000 psychological level in the upcoming period. Technically, it could drop further because has shown some exhaustion signs after the previous upside swing.

Personally, I still believe that the crypto will climb higher after this corrective phase and will approach and reach the historical high. Right now is premature to talk about a larger rebound as long as the rate is located below some very important resistance levels and as long as long as the investors are reticent.

Price slipped below the 7778 static support today, but failed to stay there and to approach the 7568 static support. I’ve said in the previous article that the rate will drop at least till the lower median line (lml) of the minor ascending pitchfork if will fail to stay above the sliding line (SL) of the major red ascending pitchfork.

You can see that the rate has found resistance at the 23.6% retracement level and now could take out the support area formed between the 7778 – 7568 levels.

Maybe will be better to stay away to see what will really happen in the upcoming days, personally I don’t believe that will be good to sell it, even if it will drop because it could turn to the upside very quick. Personally, I’ll wait for a good buying opportunity because another leg higher could bring nice profits on the medium to the long term.