Bitcoin Gives Up $40K!!

Apr 25, 2022

Bitcoin plummeted off global recession fears and a strong selloff in stocks. We have completely given up the 40K handle for now, but are finding support at 38.2K. The Kovach OBV is abysmally low, and hugging a lower bound, after turning sharply south with the selloff. We do appear to be getting good support from current levels, but if we are able to break through, then 36.7K is the next level where we anticipate support. BTC does appear to be oversold, so a short trade would be FOMO. If we pivot, expect resistance from 40K.