Bitcoin dropped sharply in the last two days and now is located below the 10000 psychological level again. It remains to see what will really happen in the upcoming hours because the rate is still located in the buyer’s territory.

Price decreased today, but failed to close below the 9385 yesterday’s low signaling some demand. Price is pressuring a major and crucial dynamic support, a valid breakdown below it will signal a further drop towards the 7000 level or even lower.

The crypto retested a very important dynamic support today and has squeezed a little, but we’ll see if will have enough directional energy to start another leg higher.

Price dropped like a rock after the failure to reach and retest the inside sliding line (sl) of the minor black ascending pitchfork. It has come back down and now is pressuring the lower median line (LML) of the major red ascending pitchfork. Bitcoin has tested and retested the sliding line (sl1) of the minor ascending pitchfork, a valid breakdown below this dynamic support will open the door for more drops. Technically, the perspective remains bullish on the Daily chart because is trading much above the downtrend line. A test and retest of the median line (ml) of the minor ascending pitchfork will send the rate towards the lower median line (lml) of the ascending pitchfork.

We’ll have a great buying opportunity if the rate will climb and will stabilize above the median line (ml) of the minor ascending pitchfork and above the LML of the major ascending pitchfork.

A selling opportunity could appear if the rate will stabilize below the sliding line (sl2) of the minor ascending pitchfork.The upcoming 24 hours could be crucial for the Bitcoin, there are many specialists that have already said that the rate will drop towards the 5000 psychological level, but now is premature to talk about a larger drop.