Bitcoin caught a lift from a Musk tweet, but has since retraced its entire move just about. It appears to be happily situated between $31K and $35K. The Kovach OBV has flat lined suggesting that this should continue and may present some mean reversion trade opportunities. Keep in mind that the longer BTC consolidates, the more likely a breakout is. We will be seeing tremendous support from $28K, the lower anchor of our Fibonacci levels. we have broken out from the upper trend line and are currently finding support where it once provided resistance. This is a bullish sign.
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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.