Bitcoin has retraced back to support at $40K. We had been calling for this retracement after weak momentum met resistance, and the price action meandered just below $45K. Several red triangles on the KRI confirmed that $45K was too top heavy for Bitcoin, and we promptly retraced to support in the 
41K's. After that did not hold, we identified the next levels of support around $40K, where we are currently seeking to establish value. The Kovach OBV has dropped off substantially, but $40K is a strong psychological and technical level. If it holds, we could make a run back through 41K back to the value area just above the $43K's. If selling continues, then $38.2K is a particularly auspicious level and is likely to provide strong support.
41K's. After that did not hold, we identified the next levels of support around $40K, where we are currently seeking to establish value. The Kovach OBV has dropped off substantially, but $40K is a strong psychological and technical level. If it holds, we could make a run back through 41K back to the value area just above the $43K's. If selling continues, then $38.2K is a particularly auspicious level and is likely to provide strong support.
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Join my discord at discord.io/quantguy
Related publications
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.