Bitcoin Still Weak

2 maj 2022

Bitcoin got smacked back down to support at 37.7K, which held and we are currently seeing a brief bounce off this level to test 40K. We are seeing a red triangle on the KRI forming at 39.2K, the last level in the 30K's. The Kovach OBV is very flat, and the Chande is at highs, suggesting a retracement from this level back to 37.7K is highly likely unless we catch a strong bid, which perhaps might follow a rally in stocks if we see one today (which is also somewhat unlikely). Even in this case, we anticipate resistance at 40K, with 42K a ceiling for now.