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Bitcoin rebound is not yet convincing enough

Yesterday afternoon, right on the 4pm London FX fix, Bitcoin found a base at just below 42,200. That was in fact an intraday double bottom and provided a platform for a rebound into the European close. That rebound extended to a high at 43,322 some 2 hours later. However, it has dropped back again since, but it has not yet threatened the lows seen yesterday afternoon, at 42,145. The low seen so far today has been set at 42,331. It is above that low right now and it seems to be that 42,145-43,325 has it covered for the time being. Beyond that though, the current price is back underneath its 50 day moving average (right now at 42,821) and whilst that is still rising, BTC would be better suited by clearing this in a more dynamic way, in order to reduce the current downside threat, that clearly still exists. Bitcoin is currently trading at 42,645

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