New Highs, Sharp Retracement for Bitcoin
After making new highs over the weekend Bitcoin has retraced significantly. We finally made it to the 60K handle which is a very powerful accomplishment for BTC. However, a swift retracement followed bringing us down to support from a previous level at 55.7K. It looks like we are finding nice support here so we don't anticipate any more fallout. However further retracement could take us back to 54.3K, 52.8K, or even 50.8K. This is clearly a corrective impulse, likely due to profit taking after breaking 60K. The Kovach OBV is still pretty strong, though it has dipped sharply registering this selloff.
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