Two Reasons Why Bitcoin Slid
Bitcoin has retraced sharply from its rally to the 
41K's in a classic Bart Simpson pattern. Recall that exuberance over the Executive Order on crypto regulations sparked a big rally, which soon faded. Support failed to hold as 211M worth of liquidations crushed bulls. We have completely given up the 40K's and have returned to safety in the previous value area between 38K and 40K. The Kovach OBV has dipped sharply registering the selloff. If we do rally again, 41K will be even harder to break as it was established as a relative high. We should continue to see support from 38.2K, 37.7K, and 36.7K, which is the likely floor for now, but watch the vacuum zone below that to 34.9K.
41K's in a classic Bart Simpson pattern. Recall that exuberance over the Executive Order on crypto regulations sparked a big rally, which soon faded. Support failed to hold as 211M worth of liquidations crushed bulls. We have completely given up the 40K's and have returned to safety in the previous value area between 38K and 40K. The Kovach OBV has dipped sharply registering the selloff. If we do rally again, 41K will be even harder to break as it was established as a relative high. We should continue to see support from 38.2K, 37.7K, and 36.7K, which is the likely floor for now, but watch the vacuum zone below that to 34.9K.
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.