Bitcoin has retraced, but found support at our technical level at $48.3K. We could be seeing the fourth corrective wave of a 5-3 Elliott wave forming as a component of an overall sideways correction. If so, anticipate the fifth wave to take us back to $52.8K at least. We seem to have some resistance here but if we break higher we there is a vacuum zone to $55.7K. Exercise caution though, because we have a vacuum zone below to $45.6K which will provide support. There is another level right below at $45K. The Kovach OBV has been pretty bullish but has levelled off so it could go either way.
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