Bitcoin found great support again from $37.7K as we predicted here. We appear to be seeing a double bottom at this level, which is encouraging, however we simply aren't seeing the buyback that bulls would like. The Kovach OBV is still very bearish, though it has picked up ever so slightly with the pivot from lows. As mentioned here, $40K is still a barrier, and we have not even been able to break $39.2K, the last level in the $30K's. Bitcoin seems to waiting for the stock market to find conviction, which hinges on the results of the FOMC meeting this afternoon. If we rally and are able to break $40K then we should see resistance around $42K. If we fall further, $37.7K should provide support. If we break that, then $36.7K is the next level down.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.