Bitcoin Due for a Rally??

May 4, 2022Bitcoin found great support again from 37.7K as we predicted here. We appear to be seeing a double bottom at this level, which is encouraging, however we simply aren't seeing the buyback that bulls would like. The Kovach OBV is still very bearish, though it has picked up ever so slightly with the pivot from lows. As mentioned here, 40K is still a barrier, and we have not even been able to break 39.2K, the last level in the 30K's. Bitcoin seems to waiting for the stock market to find conviction, which hinges on the results of the FOMC meeting this afternoon. If we rally and are able to break 40K then we should see resistance around 42K. If we fall further, 37.7K should provide support. If we break that, then 36.7K is the next level down.