quantguy

Will the Bitcoin Pump Last??

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin had a bull rally come through, perhaps off news of Japanese regulators starting to look at stable coins. we saw some nice momentum come through as measured by the Kovach OBV. Still, it was nothing significant, and paltry compared to the selloff. A proper crypto rally should have closed this weekend's selloff candle. Nevertheless, we were able to break $51.3K, where we seem to be hovering finding support at the moment. There is a vacuum zone above back to $52.8K, where Bitcoin formerly had support. The rally looks quite weak, and it could be a bull trap, so watch support levels below like $49.7K, $48.2K, or $47.4K for support if another selling wave comes through.

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