The cryptocurrency increased significantly since yesterday and has managed to reach the 9844 level again, but the bulls failed to keep the rate near the today’s high. Bitcoin dropped and erased the morning gains and closed the huge gap up, but remains to see what will happen in the upcoming days because it maintains a bullish perspective despite the current drop.
Price dropped in the seller’s territory on the daily chart, I’ve said in the last 2-weeks that it will drop towards the 7000 psychological level, but the buyers are still in the game and have saved the price from the downside.
The rate has found temporary support on the short term, but we still need a confirmation that it will climb toward fresh new highs in the upcoming period. Bitcoin is under massive selling pressure right now because is located below some important resistance levels (support turned into support).
Price could drop much more in the upcoming period, but technically is still somehow expected to climb towards new highs.
Price has found temporary support above the first sliding line (sl1) of the minor ascending pitchfork, it has retested this dynamic support and jumped higher. You can see that it has made a false breakout above the second sliding line (sl2) and now could come back down to pressure the first sliding line (sl1).
Bitcoin will drop significantly if will close and stabilize below the first sliding line (sl1), but now is somehow expected to increase after the failure to reach and retest the downtrend line. It could become strongly bullish only after it will climb and will stabilize above the median line (ml) of the minor ascending pitchfork and above the lower median line (LML) of the major ascending pitchfork.