Bitcoin increased after the false breakdown through the confluence area formed between the median line (ML) of the descending pitchfork with the upper median line of the minor ascending pitchfork. Technically, it should increase at least till will reach the first warning line (wl1) of the ascending pitchfork and the 50% Fibonacci line (descending dotted line). Personally, I believe that only a valid breakout above the mentioned dynamic resistance levels will signal a larger increase. However, Bitcoin could increase towards the 20000 psychological level only if it will make a valid breakout above the sliding parallel line (sl) of the descending pitchfork.


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