Bitcoin Retreated Again

Bitcoin reached the $6162 level on Thursday, where has found temporary resistance again. The price lost altitude since Friday’s trading session and dropped as much as 5686 level today. The rate is trading in the red and resumed the bearish momentum, but this could be only a temporary drop before the rate will pick up again.

Bitcoin dropped and erased some of the last week’s gains and was almost to reach and retest the second warning line (wl2) of the minor descending pitchfork. Price increased in the morning, but failed to stay above the first warning line (WL1) of the ascending pitchfork and now could close the day much below it. It could come down to retest the outside sliding parallel line (SL) as well before will increase again. Technically, it should increase further after the breakout above the second warning line (wl2) of the minor descending pitchfork.

A larger drop will be confirmed only after a valid breakdown below the sliding line (SL) of the ascending pitchfork or below the warning line (wl2) of the descending pitchfork. Is under some selling pressure after the failure to reach the 250% Fibonacci line (ascending dotted line) and after the failure to stay above the WL1.