Bitcoin has found support in the 
41K handle, and made another attempt for relative highs. We were able to inch above $43.8K, but are meeting resistance just below $45K. Several red triangles on the KRI suggest that Bitcoin is struggling to maintain these higher levels, and thus this rally may just be a leg of a broader sideways correction. If so, we anticipate further resistance from $45.0K and $45.6K. If we are able to break $46.2K, then $47.4K is the next target. However if we retrace and continue the sideways correction, we should see support again from the 41K's, and after from $40K. It appears that the markets still see the $30K's as undervalued for BTC but if we retrace further, $38.2K should be a strong level of support.
41K handle, and made another attempt for relative highs. We were able to inch above $43.8K, but are meeting resistance just below $45K. Several red triangles on the KRI suggest that Bitcoin is struggling to maintain these higher levels, and thus this rally may just be a leg of a broader sideways correction. If so, we anticipate further resistance from $45.0K and $45.6K. If we are able to break $46.2K, then $47.4K is the next target. However if we retrace and continue the sideways correction, we should see support again from the 41K's, and after from $40K. It appears that the markets still see the $30K's as undervalued for BTC but if we retrace further, $38.2K should be a strong level of support.
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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.