Can Bitcoin Breakout??

Dec 1, 2021

Bitcoin has been jostling for direction lately, after being batted down to 52.8K, then rallying back to 59.4K, where we saw resistance confirmed by a red triangle on the KRI. We are settling right now in the low 57K's, but there is a bit of volatility in this narrow range at is struggles to find direction. The Kovach OBV is gradually picking up strength, potentially suggesting a bull divergence. Additionally, we are starting to see an inverse head and shoulders forming with a neckline at 59.4K. Watch for BTC to tend toward the neckline before breaking out further into the 60K's. If so, 61.6K and 62.4K are the next targets. If we reject the neckline, it will be a bearish sign and we could retrace to 52.8K again or lower.