After making new highs over the weekend Bitcoin has retraced significantly. We finally made it to the $60K handle which is a very powerful accomplishment for BTC. However, a swift retracement followed bringing us down to support from a previous level at $55.7K. It looks like we are finding nice support here so we don't anticipate any more fallout. However further retracement could take us back to $54.3K, $52.8K, or even $50.8K. This is clearly a corrective impulse, likely due to profit taking after breaking $60K. The Kovach OBV is still pretty strong, though it has dipped sharply registering this selloff.
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