Bitcoin has seen solid support from $37.7K. We anticipated weakness and a potential breakdown but it looks like momentum from the London Hard Fork news in ethereum has bled into Bitcoin. Typically Bitcoin leads Eth, but it seems the tables have turned this time. We have seen a dramatic rise in the Kovach OBV, which has tapered very recently as BTC appears to be establishing value between $40K and $40.8K. This is a very narrow range between two technical levels. Bitcoin will not hold this forever and we can expect a move either way. To keep the bull momentum going, we must first break $41.9K. This seems to be the barrier to higher levels in the $40K's. If we can't break through then $37.7K should provide support for now
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New relative highs for Bitcoin!!
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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.