BitcoinLong
How to Trade the Bitcoin Selloff
Bitcoin dumped at highs, but has found support exactly at the levels we identified yesterday. In particular, we saw good support at 64.3K, even though the wick on the selloff candle brought us down to 62.4K or so. The Kovach OBV is oscillatory, so we anticipate some ambivalence here. Watch for resistance at 66.3K then 68.6K. The crypto market was starting to become overbought so a selloff was to be anticipated. This is a minor retracement in terms of how voraciously Bitcoin has dumped in the past, so current levels may present a buying opportunity.
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