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Bitcoin rebounded in the short term and was trading at 16,623 at the time of writing. After its last drop, a rebound was natural. Still, the bias remains bearish, so a deeper drop is in cards. It could only test and retest the near-term resistance levels before dropping again.
BTC/USD increased by 1.12% from yesterday's low of 16,465 to 16,650 today's high. The rebounded helped the altcoins to turn to the upside as well.
BTC/USD dropped within a down-channel pattern. It has found support on the descending pitchfork's lower median line (lml) and it has turned to the upside. Now, it has reached the channel's resistance.
As long as it stays below it, the cryptocurrency could develop a new sell-off. Today's high of 16,650 represents an upside obstacle as well.
Testing and retesting the downtrend line, false breakouts could announce a new bearish movement. The median line (ml) stands as a downside target.
Taking out the downtrend line and making a new high indicates further growth at least towards the upper median line (uml).
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