Bitcoin continues to range, forming the apex of what appears to be our pennant pattern. The longer volatility consolidates here, the more likely and the more forceful a breakout will be. The Kovach OBV is completely flat, suggesting there is not much interest in this product right now. A breakout must first contend with $40K which seems to be a hard upper bound for now. A selloff would likely take us back to $30K where we have seen support, but that is the final barrier to the $20K handle. If we break down here, that will be yet another barrier for BTC to claw back to former highs.
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