Bitcoin dropped today and erased the yesterday’s gains, but remains to see what will happen in the upcoming days because the minor drop could bring is the opportunity to go long on this crypto again. The rate has finally managed to breakout from a descending pitchfork signaling a larger rebound. However, we still need a confirmation because the potential upside movement could be invalidated by a significant drop.

It seems like that the behavior has changed on the Daily chart as the rate has started to make higher lows. I’ve said in the last two weeks that we may have a buying opportunity on the Bitcoin if the rate will have enough energy to make a valid breakout from the minor descending pitchfork. The rate has managed to stay above a very strong support area signaling that the correction phase may be completed.

Personally, I believe that only the fundamental factors could force it to drop towards fresh new lows, I’ve said in December 2017 that the rate should reach at least the $30000 level in the second part of 2018 as the crypto remains very attractive despite the minor drop and despite the regulation talks.

You can see that the rate has finally managed to breakout from the minor descending pitchfork and now is somehow expected to climb much higher in the upcoming weeks. Price has found strong resistance at the median line (ml) of the ascending pitchfork and now has come back lower to test and retest the broke the upper median line (uml) of the descending pitchfork. it could retest the lower median line (lml) of the ascending pitchfork as well before will climb much higher. You can notice that the price closed much above the lower median line (lml) after the last retest signaling a bullish pressure.

Bitcoin will become strongly bullish only after a valid breakout above the median line (ml) of the ascending pitchfork.