Bitcoin on the rebound so far today

Yesterday, as noted here, Bitcoin fell below 30k. The lead cryptocurrency dropped to as low as 29,241 just ahead of the 4pm London FX fix. It did subsequently rebound, to back above 31,500 ahead of the wider US market close. Today so far it has recovered an earlier fall to just below 30k again and has now lifted back above 31,500 once more. The current rebound is solid but of course by no means conclusive and looks like it has been led by a move to back above 13,000 for Ethereum, although it is hard to detect which is leading the other at the moment. The chart pattern and configuration on both since yesterday is remarkably similar too. Hence, where one goes the other is sure to follow and vice versa. Both the 10 and 21 day moving averages for Bitcoin are turning sharply lower again and that could warn that the downside is not done with yet. The 50 day moving average is more or less supporting the downside, but another break below the current level might not be so easily recovered if seen again. The 50 day moving average is currently in place at 29,618, but owing to the generally rapid nature of the price action, that will change as the day unfolds. Bitcoin is currently trading at 31,815