3 Reasons to Be Bearish of Bitcoin
Updated
Bitcoin is continuing to range between 48.2K and 50.8K. We are seeing a slight bearish trajectory here, and the Kovach OBV is arching downwards confirming it. From a broader perspective we are in a slight uptrend, getting support from a trendline andchored at lows at 45K. The technicals overall seem bearish. That rally from the selloff on December 4th seems very weak and the Kovach OBV is suggesting a bearish divergence. However, this being crypto we could see a large buying spike come in out of nowhere washing out weaker short positions. Otherwise, it seems likely for Bitcoin to hold the current range or dump to support at 47.4K or 45K. If we are able to break out, then we must break through 50.8K before we can consider solidifying the 50K handle again.
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Bitcoin dumping to first level of support below at 48.2K! Let's see where this goes! 🍿
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