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Bitcoin Dumps Again!! 😱

Bitcoin has dumped again, this time finding support at 32K, which could be a new technical level. It seems roughly in line with the lower anchor of our Fibonaci extension levels. The lower bound still seems to be 30K, but the fact that Bitcoin seems to be making another run for this is not a good sign. As we have said before, the longer it is comfortable in the 30K handle, the more comfortable it is to break it. The Kovach OBV is very bearish right now, so we are forced to conclude that any rallies are just relief rallies into the overall trend. If we do catch some steam watch to provide resistance again