What to Expect with the Bitcoin Selloff
Bitcoin has bottomed out for now exactly at our support level of 47.4K. We have been calling out this level for the past two days, so hopefully readers were prepared. What is concerning about this selloff is not necessarily the dump itself, but the lack of interest in buying it back. We did not see the pivot off 47.4K that would be expected if there were more buying interest. We are holding the very narrow range between 47.4K and 48.2K. The Kovach OBV has dropped precipitously, and flatlined. If we see another dump, then expect support at 46.2K, 45.6K, or 45.0K. If we catch a bid, there is a vacuum zone above to 49.7K, which is likely to be a ceiling for now.
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