BTC Ranging, Breakout Soon??

2 ביוני 2021

Bitcoin continues to range, forming the apex of what appears to be our pennant pattern. The longer volatility consolidates here, the more likely and the more forceful a breakout will be. The Kovach OBV is completely flat, suggesting there is not much interest in this product right now. A breakout must first contend with 40K which seems to be a hard upper bound for now. A selloff would likely take us back to 30K where we have seen support, but that is the final barrier to the 20K handle. If we break down here, that will be yet another barrier for BTC to claw back to former highs.