Bitcoin Bounces Back!!
Bitcoin has plummeted into the 20K handle for the first time in 2021. This was swiftly bought back as investors swept in to take advantage. Additionally, weakness in the US dollar likely had an effect on this recovery too. We can hardly call this a 'recovery' As we are sitting at resistance at 34K right now, and could easily dump further. While it is a good thing that the 20K handle was rejected so quickly, it is a bad sign that we got to that point in the first place. We will see where it goes from here. It is in the middle of a fairly large vacuum zone between 30K and 37K. We are likely to continue to range between these levels until proper buying momentum returns. The Kovach OBV and Chande indicate we are overbought for now and due for a pullback
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