Bitcoin Analysis: Bearish Outlook Despite Recent Rally

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Alright, ladies and gentlemen, don't get too excited just yet. There was a small rally this afternoon for Bitcoin, but it is still showing bullish tendencies. Bitcoin encountered resistance once again at the Fibonacci 0.236 level. We expect it to come back down to retest the Fibonacci 0.382 level, and if that doesn't hold, the next support will be at the 0.618 level. So, folks, I'm still bearish on Bitcoin.