Bitcoin Finding Support

14 במאי 2021

Bitcoin has plunged after the news that Elon Musk will no longer accept Bitcoin at Tesla. However, it has good support at 48.2K, and appears to be demonstrating an inverse head and shoulders with a neckline at 50.9K. It definitely seems that Bitcoin is gearing up for a breakout to higher levels, 52.8K being the first target. Eventually, it should regain its former range from 52.8K to 59.4K. Current levels might be a great opportunity to add to a position, but further fallout could take us down to 46.2K if 48.2K does not hold. The Kovach OBV appears to be ticking up, suggesting the buyback had legs to it.