Bitcoin increased sharply in the last days and erased the massive drop. Price increased in the morning and reached fresh new highs, but failed to stay near the 7926 historical high and now is trading near the 7736 yesterday’s high. The perspective remains bullish and you should expect to see the rate at fresh new highs in the upcoming period.

Price has found temporary resistance, but most likely will take this out in the upcoming days and will resume its upside movement towards the 10000 major psychological level. Bitcoin was almost to reach the $8000 level, but the bulls were too exhausted. It could still climb above the 8000 level till the end of the day.

The price has managed to jump much above the fifth warning line (wl5) of the formed minor descending pitchfork and has retested the third warning line (WL3) of the ascending pitchfork where has found temporary resistance.

Price decreased a little and dropped even below the wl4 of the former descending pitchfork, but this represents only a retest before will touch new highs. Personally, I believe that will make a valid breakout above the WL3 if will close on it or above it the upcoming one or two days. Technically, it is expected to climb towards the sixth warning line (wl6) of the descending pitchfork after the aggressive breakout above the fifth warning line (wl5). I’ve said in the last reports that the rate should increase after the failure to retest the upper median line (uml) of the ascending pitchfork and the second warning line (wl2). Right now only a failure to close near the WL3 could signal a potential retreat, but is less likely to happen even if the rate could be a little overbought after the amazing rally.