Can Bitcoin Sustain $50K??
Bitcoin finally saw a pump last week back to the low 50K's. The Kovach OBV registered bullish as the buying continued in a zig-zag pattern from lows at 45.4K. However, we do appear to be facing serious resistance at the psychologically significant 50K handle, in particular 50.8K. There is a wide vacuum zone to 52.8K, our next target and the next technical level above. We will see if Bitcoin has enough momentum this week to break through, but it is looking technically weak, and is having trouble solidifying the 50K's, hence we can expect a retracement back to comfort in the 40K's. In particular, look for support at 49.7K, 48.2K, and 47.4K.
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