Can Bitcoin Recover??
Bitcoin turned sharply south just below 50K. We commented Saturday on a potential bull wedge pattern forming in the high 40K's and that Bitcoin's price would be heavily dependent on how we reacted from there. We also hinted that it would likely press lower if we rejected those levels, which is exactly what we have seen. Bitcoin has rejected 49.7K and are currently seeking support at 47.4K We are seeing several green triangles on the KRI suggesting support here. We are just now seeing some momentum come through so we will see if higher levels hold. If so, we will need to break 49.7K to regain the 50K's. If current levels do not hold, then 46.2K is the next target.
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