Bitcoin dead cat bounce so far today

For most of yesterday Bitcoin was trading comfortably above 31k and for a good deal of that period it was pressing on the topside. The potential for a further rise above 32k did seem live. Well, that all came to a sticky end much earlier today, when Ether crumbled and totally derailed any chance of BTC rising above 32k. The drop back through 31k and 30k was rapid. The price fell close to breaking below 29k, but so far it has avoided such a move. The rebound that has followed is hardly impressive though, more like a dead cat bounce so far. The risks of another break below 29k opening up further falls below 28k are very much still in place. That does not rule out another rebound at the same time. However, there is a limit to just how many times these rebounds can unfold without further lasting traction. It has been a rollercoaster of a ride over the past week for sure. The range so far today has been covered by 29,209 to 31,572. The current price is back below its 21 day moving average (now at 29,803) and all the while that is the case, further downside risks remain