Bitcoin has taken a sharp turn for the worse. We anticipated support at $41.9K, and we started to see what looked like a pivot, with a sharp buy that made an attempt to break out back to $43.1K. However this was quickly smacked down and we made another run for $40K. Currently, we are seeing a bit of a buy back, which is currently testing $41.9K. The Kovach OBV is still very bearish, arching down after flatlining for a bit. The volatility at current levels may suggest a bottom and mark a signal to start accumulating a long position, so long as buyers are aware that we could see lower levels. We are still eyeing $38K, and if malaise from bulls persist, we should eventually test this level. If the small rally we are seeing at the time of this writing persists, then $43.1K is the next target.
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