Bitcoin Extends the Sideways Correction
Bitcoin has found support in the 
41K handle, and made another attempt for relative highs. We were able to inch above 43.8K, but are meeting resistance just below 45K. Several red triangles on the KRI suggest that Bitcoin is struggling to maintain these higher levels, and thus this rally may just be a leg of a broader sideways correction. If so, we anticipate further resistance from 45.0K and 45.6K. If we are able to break 46.2K, then 47.4K is the next target. However if we retrace and continue the sideways correction, we should see support again from the 41K's, and after from 40K. It appears that the markets still see the 30K's as undervalued for BTC but if we retrace further, 38.2K should be a strong level of support.
41K handle, and made another attempt for relative highs. We were able to inch above 43.8K, but are meeting resistance just below 45K. Several red triangles on the KRI suggest that Bitcoin is struggling to maintain these higher levels, and thus this rally may just be a leg of a broader sideways correction. If so, we anticipate further resistance from 45.0K and 45.6K. If we are able to break 46.2K, then 47.4K is the next target. However if we retrace and continue the sideways correction, we should see support again from the 41K's, and after from 40K. It appears that the markets still see the 30K's as undervalued for BTC but if we retrace further, 38.2K should be a strong level of support.
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