Bitcoin has melted down as looming US regulation and a China crackdown weigh in on the price. We have breached the $60K handle, but found strong support from $59.4K. Readers should be very familiar, and we hope you were prepared. The Kovach OBV has turned sharply bearish, but is starting to look oversold, indicating that this could be a good place to buy back. Just watch to see how the price action deals with these lower levels. We could form a bear wedge from here, before dumping lower. If that is the case, then we should see continued support at $57.7K, $56.8K, and finally at $55.7K. If we do find support at current levels, then $61.6K is the next target.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.