Bitcoin at historical high October 12, 2017

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The Bitcoin rallied and reached fresh new highs today. Is strongly bullish on the short-term and looks unstoppable. The rate has managed to breakout above a major dynamic resistance and reached another upside target. Remains to see how will react in the upcoming days after the impressive rally. On the other hand, the Ethereum has increased little today, but could start an impressive rally as well after the breakout above a major resistance level.

Bitcoin increased as much as $5366 and reached the outside sliding line (SL) of the ascending pitchfork. Price jumped much above the 4951 previous high and above the 5000 psychological level. We’ll see how will react in the upcoming days because a failure to close near the sliding line will signal a potential minor drop towards the upper median line (UML) of the ascending pitchfork.

Technically is somehow expected to climb much higher after the impressive breakout above the first warning line (wl1) of the minor descending pitchfork. The outside sliding line represents a very strong dynamic resistance, you can see that we had another false breakout in the past. We’ll have a buying opportunity only if it will come to retest the warning line (wl1) and the upper median line (UML) of the ascending pitchfork.

Resistance can be found at the second warning line (wl2) of the descending pitchfork and at the warning line (WL1) of the ascending pitchfork.

However, a failure to breakout above the SL and a failure to close near it will signal a sharp drop in the upcoming period.

 

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