quantguy

Bitcoin Faces Resistance at $50K

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
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.

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