Bitcoin has smashed through lower levels to find support in the mid $40K handle. We rejected $52.8K, which was the next major level we had to break before we could achieve the mid $50K's. The selloff took us back to $43K at the lowest, before we were able to recover back to the mid $40K handle. Currently, we are finding support at a cluster of levels around $45K, and we see some green triangles on the KRI as confirmation. But the last of these levels, $46.2K appears to be providing resistance and Bitcoin still looks technically quite weak. The Kovach OBV has plummeted, and is still bearish, which may suggest there might be more fallout to come. Wait and see what happens around the $45K-$46K price range. There is strong support at these levels, so if we were to see Bitcoin stabilize, it would be here. Watch for a bull consolidation pattern such as an inverse head and shoulders to form around here for an insight as to whether we will recover to the upper $40K handle or the $50K's.
Join my discord at discord.io/quantguy
