Bitcoin Setting Up for the Next Move

Bitcoin increased a little and tries to recover after the minor drop. Price has found temporary support and is struggling to climb much higher in the upcoming days. Has retested a dynamic support and continues to stay in the buyer’s territory. We’ll see what will really happen because has show some exhaustion signs on the short term. Bitcoin stands right above a critical dynamic support, a valid breakdown will open the door for more declines in the upcoming period.

However, the perspective remains bullish despite a minor drop. Technically, we may still have a further drop if the rate will fail to climb above the 5850 level.

It could drop much deeper if will fail to reach and retest the upper median line (uml) of the minor descending pitchfork. However, it will breakout above the upper median line (uml) if will reach it. Is very important what will happen with the USD in the upcoming days. A selling opportunity will appear after a valid breakdown below the SL.