When will Bitcoin Moon Again??

21 Jan 2021

Bitcoin has broken down from the channel pattern it was following for the past few days. It tested our support level of 34K, briefly finding support there before breaking down further. It appears to now be finding support at 30K. This level is likely to hold and we should see a bounce soon. If not, the lower anchor of our Fibonacci levels at 28.5K will provide resistance. The Kovach OBV has remained resilient throughout Bitcoin's vagaries, but has taken a dip recently confirming the bear momentum. Both Kovach momentum indicators are bearish at this point. This suggests that soon the pendulum will swing back to bull mode.