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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