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Bitcoin making temporary bounce

Bitcoin is trading at the 28,678 level at the time of writing. It has dropped as much as the 25,401 level today where it has found strong support. Technically, the rebound could be only a temporary one. It could reach and retest the immediate resistance levels before dropping again as the bias remains bearish.

BTC/USD increased by 17.36% from 25,401 today's low to 29,810 today's high. The current rebound helped the altcoins to bounce back as well.

BTC/USD Natural Growth!

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Bitcoin making temporary bounce

BTC/USD found support on the weekly S3 (25,467) and now it challenges the 28,800 resistance (support turned into resistance). After registering only a false breakdown with great separation below the 150% Fibonacci line, BTC/USD was expected to grow a little.

Still, as long as it stays under 28,800 and below the lower median line (LML), Bitcoin could drop again. Only a valid breakout above these immediate obstacles and above the 30,261 may signal a larger rebound.

BTC/USD Outlook!

False breakouts through the lower median line (LML) or a strong bearish engulfing could signal a new sell-off towards the 150% Fibonacci line.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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