Bitcoin plunged today but the downside was paused and now is fighting hard to increase again. Price has found temporary support, remains to see what will happen in the upcoming hours because a breakdown below the near-term support area will add more selling pressure.

The current drop is somehow natural after the impressive rally, the rate has come back down to close a gap up, it seems like will stay above it and will climb higher again. The perspective remains bullish as the Bitcoin continues to be very attractive despite some rumors that crypto is a fraud.

I’ve added the Daily chart to show you better why it could jump higher again. You can see that has failed to stay above the sixth warning line and now has come back down to try to close the gap up. Only a valid breakdown below the 17469 static support and below the wl5 will signal a larger drop.

A breakout above the wl6 followed by a retest will confirm a further increase towards fresh new highs. Personally, I see the rate at least at $30000 in 2018, we may have a corrective phase as well, but most likely will climb towards new highs because more and more people will want to buy it.

A breakdown below the mentioned support levels will confirm a further drop towards the fourth warning line (wl4) of the ascending pitchfork.