The Bitcoin rallied and resumed the upside momentum. It has finally managed to jump above the 10000 psychological level again and seems motivated to reach new highs in the upcoming days. However, is still premature to talk about a larger rebound, the rate has broken above a very strong dynamic resistance and only a confirmation will signal a further increase. The next hours could be crucial, it remains to see if the price will close the day above the 10000 level.

The buyers have taken the lead on the short term, much more could step in the upcoming period if the rate will stay higher. Bitcoin and Ethereum very attractive again, despite the massive drop. Technically, we may see another minor drop because it could try to recapture more directional energy before will try to approach and reach the 14000 – 15000 area.

Price has managed to jump much above the second warning line (wl2) of the former minor ascending pitchfork and above the median line (ml) of the ascending pitchfork. A valid breakdown above the median line (ml) will signal a further increase, the next upside target will be at the 61.8% retracement level and at the warning line (wl1). Bitcoin seems strongly bullish on the short term, so a further increase is possible. Technically, a valid breakout above the median line (ml) should force the price to approach the upper median line (uml) of the ascending pitchfork and the 38.2% retracement level.