Bitcoin rebounded in the short term, having reached 17,592. Technically, after its massive drop, the cryptocurrency could come back to test and retest the immediate upside obstacles before dropping again. BTC/USD increased by 19.58% from Saturday's low of 17,592 to 21,036 today's high.
In the last 24 hours, BTC/USD is up by 6.83% but it's down by 10.16% in the last 7 days. As you already know, the bias remains bearish. The current rebound could help the sellers to catch a new downside movement.
BTC/USD Throwback!
As you can see on the H4 chart, the price dropped far below the 19,666 key static support. Now, it has rebounded and it's traded above this level but the bias remains bearish as long as it stays under the 150% Fibonacci line.
The level of 23,288 stands as a static resistance, while the lower median line (LML) represents a dynamic obstacle.
BTC/USD Outlook!
BTC/USD retests the 20,816 static resistance. Registering only false breakouts through this obstacle and through the 150% Fibonacci line could announce a new sell-off. Actually, coming back and stabilizing below the 19,666 key level could signal a potential drop at least towards the 17,592 former low.
