Bitcoin has hit our price target of $43.1K, but fell short of our expectations to contiune the rally. Although stocks are strong, their strength does not seem to be met by the newly established intermarket correlation with Bitcoin. Two red triangles on the KRI have confirmed resistance at $43.1K. There is strong support around $41K and we anticipate it to hold, but if not there is no reason we should expect to see any lower prices than $40K. The Kovach OBV has slumped, suggesting momentum has let up a bit. We are still hopeful of a bull rally to our next target of $45K, but are skeptical with the lack of momentum.
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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.