Bitcoin Trading Sideways

Bitcoin has found support just above our level at 52.8K, but is edging lower. We appear to be forming a bear flag or bear wedge. However, this could also just be a sideways consolidation pattern as bitcoin feels out the new range established by the massive selloff last weekend. Expect for it to remain within 52.8K and 57.7K. We expect some support from lower levels, so expect a lift even if it is transient. The Kovach OBV is somewhat oscillatory, so we need to wait for more conviction before we get a breakout either way.