Bitcoin has broken down from a head and shoulders type pattern with a neckline at $36.7K. We appeared to be gearing up for a run to $40K, but $39K provided prohibitive resistance, with several red triangles confirming resistance as every attempt at higher levels was thwarted. From there, we found good support at $36.7K and appeared to be ranging between $36.7K and $37.7K. However support did not hold and we have since broken into the vacuum zone between $34.9K and $36.7K. The Kovach OBV seems quite flaccid, and we will need to see more momentum come through either way before we can expect any action. If we break down further, we could transcend the vacuum zone down to $34.9K. If we catch momentum, expect BTC to test $39K again, which is the final barrier to $40K.
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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.