The Next Bitcoin Breakout??

Jan 20, 2021

Bitcoin has been trending down. It received a significant shakeout which took us to the exact level I called out in the last report: 34.7K. It is highly doubtful the bubble is about to burst yet. Recognize that in the long run this behavior is simply a ranging after a tremendous appreciation. As long as we remain north of 30K, BTC will still be considered bullish. Even if we break down from 30K, consider it a buying opportunity, but perhaps for the longer term. The Kovach OBV is still drifting up which seems to be a divergence from the price action right now, so this is a bullish sign.