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

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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.

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