Meager Momentum for Bitcoin 🥱

9 giu 2021

Bitcoin found support at our lower Fibonacci anchor at 31.4K. It caught a meager bounce here, but momentum seems really flaccid. The Kovach OBV is still solidly bearish and the small uptick in momentum here did not even register. It is tempting to think that we are seeing a double bottom at 31.4K, however we are more likely to see a bear wedge form. It looks like we may eventually make a run again for 30K, where we will certainly see support, but this level has been tested before and is the final barrier to the 20K handle. If momentum does continue, 36K will provide resistance (where it once provided support) so watch for a rejection here.