Bitcoin Edges Higher
Bitcoin is edging up, but is still bounded by 22K or so. We have a strong level at 22.4K, but we can't even muster the strength to test this. We did see strong support around 20K, so it does not seem like BTC is weak enough to test the 18K's or 19K's and establish the range we held when we tested lows. However, the Kovach OBV is still bearish, so we have a slight bear divergence. We are likely not to see any momentum until Fed's Powell speaks at Jackson Hole at 10AM EST. If he sounds dovish, we could see a rally to 22.4K or the next level at 23.9K. Otherwise, expect continued support in the 20K's.
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