Morning Bitcoin Analysis
Bitcoin faced an unfortunate setback to its hopefully rally several days ago. It bid farewell (for now) to the $8K handle, and seems reluctant to hold onto the $7K handle. The levels $7.3K and the psychological level of $7K will be the only barriers between BTC and the $6K handle.
We have a bear flag forming on 30 min charts, with a solid downtrend giving us little hope for reversal. On day charts, the Kovach Reversals Indicator seems to show that there is plenty of room to tumble before testing the lower bound of this indicator. The Kovach OBV is solidly bearish , with the Kovach Chande coming up for air, which indicates that this might be a great time for a short position.
Although long term, we feel that BTC may test $10K again, HODLers should be warned.