Can Bitcoin Sustain $50K??

Bitcoin finally saw a pump last week back to the low $50K's. The Kovach OBV registered bullish as the buying continued in a zig-zag pattern from lows at $45.4K. However, we do appear to be facing serious resistance at the psychologically significant $50K handle, in particular $50.8K. There is a wide vacuum zone to $52.8K, our next target and the next technical level above. We will see if Bitcoin has enough momentum this week to break through, but it is looking technically weak, and is having trouble solidifying the $50K's, hence we can expect a retracement back to comfort in the $40K's. In particular, look for support at $49.7K, $48.2K, and $47.4K.