Last weeks candle close was extremely important. Price went all the way to 46k only to close at 38k again. This shows that there is still lots of indecision in the crypto market and that a possible rally is still unlikely to happen soon.

In comparison to summer or October, Bitcoin lacks momentum strength. Every weak close is a sign of weakness, indicating that rallies to the upside cannot be sustained for long and price quickly returns back down. This happens each time when price enter a bear market. The positive sentiment remains, but the performance of the previous runs is absent.

Remember the rule: As long as the price makes lower highs and lows on the general trend line , the move down will continue. The same principle applies for higher lows and highs, and moves up.