Bitcoin caught a nice pump last evening after dumping over the weekend. HODLers felt the pain Saturday and most of Sunday but got some relief Sunday night. Although we are still very bullish of Bitcoin generally, we were prepared for the max pain threshold to be $36K. However, we have some reasons to be bullish, including a bullish ABCD pattern. Recall that the profit target for this pattern is A, or in this case, all time highs around $58K. If we are wrong, we will still have support from $41.9K and $40K. However the Kovach OBV has turned up suggesting there could be some meat to this rally.
Comment:
Major level at $48.2K reached!! We are on our way back to highs! Looks like we may be facing some resistance at $49.7K. There is a red triangle on the Kovach Reversals so we might get a pullback. We recommend not to ape in right now...
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