Bitcoin falls back to $50K, focus on hourly chart

Bitcoin's has erased the spike from 50K to 52K seen early today with stocks feeling the pull of gravity amid continued rise in the U.S. treasury yields.

The hourly chart shows the cryptocurrency is again looking to dive out of a rising wedge-like pattern. That, coupled with a potential sell signal by EMA ribbon would be a strong sell signal.

Looking at the way copper/gold ratio is rising, reflation trade appears to be in full swing. As such, bond yields could continue to rise, making life difficult for equity bulls.

Bitcoin can actually go down to 40K.... unless there is sudden reversal higher in equities and another Fortune 500 company announces bitcoin investment.