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.
Note
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.
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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.