Bitcoin has continued to trek downward, receiving a tiny burst of momentum around $31.5K. It is showing a clear bear trajectory but at this point, a relief rally is due even if it is just a proverbial dead cat bounce. We have broken past $32.3K, which is the nearest level of resistance. However the Kovach OBV is still quite bearish and the Kovach Chande is at a high, suggesting this may be a great shorting opportunity. If momentum continues, then $34K will yet again be our next target, though BTC has had trouble with this in the past.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.