Ready To Buy Bitcoin — Again?
Olimpiu Tuns | Jan 18, 2018 09:20AM ET
Bitcoin turned to the upside on the H4 chart but it is premature to talk about a larger rebound. Price dropped below the median line (ML) of the ascending pitchfork and below the 61.8% retracement level, but failed to reach the lower median line (lml) of the minor descending pitchfork, so the rebound is natural. The perspective remains bearish as long as the rate is trading within the descending pitchfork's body. A larger rebound could be announced after a valid breakout above the sliding parallel line (sl), however, a confirmation will come only after the rate will escape from the descending pitchfork's body.
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