Bitcoin Faces Resistance at $50K
Bitcoin has faced resistance in the low 50K's. We saw five red triangles on the KRI which should have been an omen to readers with access to this indicator that we would see a retracement. Sure enough, BTC took a sharp dip lower to comfort in the 40K's. We are currently seeking support in the 
49K handle between our level at 48.2K and 49.7K. This is somewhat of a vacuum zone so watch for Bitcoin to range between these two levels and establish some value. If we continue to dump, we should see some support from the relative low at 47.4K. If momentum picks up, we must conquer 50.8K to get a solid foot hold on the 50K's. The Kovach OBV has attempted bullishness, but has dropped back down to lows, suggesting BTC is in the doldrums for now.
49K handle between our level at 48.2K and 49.7K. This is somewhat of a vacuum zone so watch for Bitcoin to range between these two levels and establish some value. If we continue to dump, we should see some support from the relative low at 47.4K. If momentum picks up, we must conquer 50.8K to get a solid foot hold on the 50K's. The Kovach OBV has attempted bullishness, but has dropped back down to lows, suggesting BTC is in the doldrums for now.
Join my discord at discord.io/quantguy
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.