Bitcoin turned to the upside on the H4 chart but is premature to talk about a larger rebound. Price dropped much below the median line (ML) of the ascending pitchfork and below the 61.8% retracement level, but failed to reach the lower median line (lml) of the minor descending pitchfork, so the rebound is natural. The perspective remains bearish as long as the rate is trading within the descending pitchfork's body. A larger rebound could be announced after a valid breakout above the sliding parallel line (sl), however, a confirmation will come only after the rate will escape from the descending pitchfork's body.

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