Bitcoin dropped aggressively today and was almost to reach a very important downside target. It remains to see what will happen in the upcoming hours because it could still reach the mentioned support. Technically, it was somehow expected to drop after has closed the former gap up. A minor drop was expected also after the amazing rally and after the rumors that the cryptocurrency is a fraud. Price dropped as much as 14965 level where has found temporary support again.

The upcoming hours could be crucial because a valid breakdown below a dynamic support will announce a further drop in the upcoming days. It remains to see how long the retreat will be because a drop below the 14000 is less likely to happen.

Price dropped and resumed the bearish movement. You can see on the H4 chart that the rate was almost to reach the third warning line (wl3) of the ascending pitchfork, but the downside was stopped. The last hours drop was expected and it was natural after the breakdown below the fourth warning line (wl4) of the ascending pitchfork and below the 23.6% retracement level. Bitcoin accelerated the sell-off after the breakdown through the mentioned former support levels.

It remains to see if will drop further, the rate failed to reach and retest the wl3 in the last attempts. However, the breakdown below the 23.6% retracement level is signaling a drop towards the 38.2% retracement level

I’ve said in the last weeks that is not advised to sell the Bitcoin and the Ethereum because they could increase very aggressive anytime. Right now we don’t have a buying opportunity, but we may have one very soon if the rate will fail to reach the wl3. Technically, Bitcoin remains more a buy than a sell, it could climb much above the 19419 historical high, personally, I believe that it could react at least the 30000 in 2018.