No rebound yet for Bitcoin

As Ether fell below a noted support level yesterday, that move was accompanied by a comparative downside move in Bitcoin. It is not easy to say which one was leading the other yesterday, but on balance it looks like it was BTC that was the front runner. If that was the case, then it is well demonstrated by the fact that there has been no meaningful bounce back yet for BTC today. The price has fallen back from a high point this time yesterday morning, at 60,964, to as low as 55,663 earlier today. The price is now trying to rebound as it lifts back above 56,250, but the move is far from convincing at this early stage in the session. The next support level of any note is now at around 53,650. That price point is a Fibonacci retracement level. Beyond there, at 53,096 lies the 100 day moving average. At the other end of the scale, the 50 day moving average is guarding the topside this morning, at 59,658. Bitcoin is currently trading at 56,145