The crypto is trading in the green on the Daily chart and seems motivated to reach fresh new highs in the upcoming days. Price increased as expected but now remains to see if will really manage to make a valid breakout above another upside target.

Bitcoin remains very attractive for the investors despite rumors that it is overstated and it should drop much deeper. Personally, I still believe that it should climb much higher in the upcoming weeks and months and could reach fresh new highs. Is premature to talk about an increase above the 20000 level at this moment, even if I still believe that it will climb much above the mentioned level.

The rate has managed to stay above the second warning line of the minor blue descending pitchfork and now tries to close above the first warning line (wl1) of the former minor ascending pitchfork. A valid breakout above the mentioned resistance level will signal a further increase towards the lower median line (lml) of the minor black ascending pitchfork and towards the 50% Fibonacci level.

Actually, the rate could be attracted by the confluence area formed between the mentioned resistance levels. Only a false breakout above the warning line (wl1) could signal a minor drop towards the second warning line (wl2) and towards the median line of the ascending pitchfork.

The rate has finally managed to breakout from downtrend movement is somehow expected to increase further even if we may see a minor decrease after the impressive rally. I’ve said in the last weeks that it should increase again, personally, I didn’t believe that it could stay lower too long. We may be surprised by an impressive upside movement because many buyers could step in again and could lead it towards new highs.