It appears the bear rout is not over in Bitcoin. We have seen many apparent bottoms only to collapse one level or more. Currently, we appear to be finding support at $41.9K, and seem to have a double bottom there. We will watch as this pattern unfolds as it could be a bear flag in the process of forming. The Kovach OBV is very bearish, but does appear to be turning. We will have resistance from a cluster of levels from $45.3K to $46.2K. After that, our next target is $48.2K, which we once conjectured was a hard lower bound for Bitcoin, at least at the time.
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