As you already know, the crypto was in a corrective phase and now everyone is asking where it will find a bottom and when it will start to grow again. There is no analyst, economist, specialist that could tell you these things because the crypto market is like a new world that needs to be discovered.

I’ve said in the last weeks that the Bitcoin and Ethereum plunged aggressively only because the fundamental factors have taken the full control. All the regulation talks and all the rumors that the crypto is a fraud have forced the prices to come back down more than was technically expected.

Personally, I want to show you a few scenarios because I believe that the rate could start to increase soon, maybe after another minor drop towards the 6000 psychological level.

Technically, the price has shown some oversold signs, but is still premature to talk about a larger rebound. The current rebound was natural, but it could be only temporary, the price could come back down to test and retest some support levels before will really start a significant upside movement.

You can see that the rate has finally escaped from the descending pitchfork and has jumped above the sliding line (sl) of the descending pitchfork. I’ve said that the rate will increase significantly in the upcoming period after a valid breakout above the sliding line (sl).

The breakout needs confirmation, that’s why is too early to say that we’ll have a further increase. Price is retesting the sliding line and the 7778 static support. It could test the confluence former between the sliding line (sl) with the third warning line (wl3). Technically, this retest this could be a perfect buying opportunity if the support levels will hold, but remains to see what will really happen because the rate has failed to approach and reach the median line (ml) of the black ascending pitchfork and now is somehow expected to drop towards the lower median line (lml) again. A drop below the wl3 and below the sliding line (sl) will confirm a further drop on the short term.