Bitcoin has retraced in a classic "Bart Simpson" pattern after having difficulties at highs in the upper $40K handle. We saw a great deal of resistance at $48.2K, one stop away from the last level in the $40K's at $49.7K. We anticipated great resistance at this latter level, but it seemed we could not even muster the momentum to test these relative highs, and promptly rejected through the vacuum zone below, to support around the $45K-$46K area, which appeared to hold for a bit, before another selling wave brought us back to just above $43.8K, which was exactly what we said would happen yesterday in the event of a selloff. The Kovach OBV has curved over nicely confirming the bear momentum. This suggests we are unlikely to see another run for highs any time soon. If the selloff persists, we are likely to test the lows of the $40K's again, completely retracing the entire bull run.
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