Bitcoin Still in the Doldrums

21 May 2021

Bitcoin has appeared to have found support at 30K and is currently consolidating around 40K. It could be gearing up for another attempt to break out or it could also be forming another bear flag. The Kovach OBV is not very encouraging. It has bottomed out and has since flat lined. We will see support from $36.7 and $37.7, but a strong wave of selling could easily take us back to 30K. If momentum picks up, our next target is 45K. We have a cluster of levels here, so we'd anticipate some ranging after that