Bitcoin Continues to Slide, What are the Next Targets??

19 Kas 2021

Bitcoin has continued to slide, cutting through support levels to the mid $50K's. We identified several support levels from below $60K, and we are finding support at these exact levels. In particular, $55.7K appears to be providing good support at the moment, however the Kovach OBV is still quite bearish. Targets below include $54.3K and $52.8K. We are starting to look quite oversold, so anticipate a relief rally, even if it is but a retracement into the bear trend. If we see such a rally, $60K might be a good target, and will now provide resistance, where we once saw support.

20 Kas 2021

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Be careful about this rally. The fact that we could not solidify 60K is not encouraging. Could be a bull trap. We are seeing resistance building up via red triangles on the KRI, so be careful. We could easily dump back down to $55.7K or $54.3K.