Bitcoin rebound is far from convincing

Yesterday Bitcoin did break below a noted support level that was identified here as being in place at 28,770. Well, it did not break below it on the first attempt, but it did on the second. That break delivered a move to as low as 28,007 as clearly some system sellers joined in on the move lower. However, it is fair to say; that this move was really delivered by the slump in Ether, despite the relative price between the two seeing big gains for BTC. So, it kind of makes sense, that the rapid rebound in Ether would cause BTC to spike higher too and that is exactly what happened. Bitcoin rose back to as high as 29,730, but that rebound has given way to more downside so far this morning. Of course that is once again mostly about Ether reaching a new low on the week too. The range seen so far today for Bitcoin has been covered by 28,611 to 29,647 and it is close to the lows right now