BTC Seeks Value

Bitcoin has continued the breakdown from its head and shoulders pattern, hovering just above our target of 32.3K, currently holding support at 32.9K. The Kovach OBV has dropped sharply with the breakdown, but is gradually drifting up suggesting that we may equilibrate around these levels. The upper bound should be 34K for now, which has served as a barrier to BTC in the past. Although we seem to have a new level at $32.3, we are otherwise in the middle of a vacuum zone between 31K and 34K, so broadly BTC should range in this area, but if we do pick up steam, we 36.7K is our next target.