Bitcoin is this a bullish signal or just a temporary rebound? December 18, 2018

Free $100 Forex No-Deposit Bonus

Bitcoin increased in yesterday’s trading session, but it is still too premature to talk about a potential rebound at this moment because the perspective remains bearish. Price has decreased a little today, but maybe the rate will climb even higher on the short term. The rate has failed to reach and retest the near-term critical support levels and now it could increase a little.

You should know that this could still be a temporary rebound before the rate will drop again. It could come higher to test and retest some resistance levels. Maybe a rebound is natural after the last drop.

You can see that the rate has failed to reach and retest the downside 50% Fibonacci line of the descending pitchfork. I’ve told you that it can find support at the 50% line, at the 350% line and at the 2980.4 level.

I’ve also said that we may have a rebound if the rate will fail to reach the 50% line or if it will make a false breakdown below this line. It has also failed to reach the confluence area formed at the intersection between the 350% line with the 2980.4 level and with the 50% line. A valid breakdown through this confluence would have forced the rate to accelerate the drop, while a false breakdown would signal a significant upside movement.

Copyright © 2020. All Rights Reserved. FXDailyReport.Com
Risk Warning: Trading CFDs is a high risk activity and you may lose more than your initial deposit. You should never invest money that you cannot afford to lose. will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets.