Bitcoin rallied after the Case-Shiller Housing Price Index came in deeply negative, which suggests that the economy may be cooling and the Fed may taper interest rate hikes. Additionally, earnings from GM and Coca Cola suggest that high inflation might not be impacting the earnings of some major companies as the markets have feared. This contributed to the rally, which broke through our target of $19.5K and even $20K to finally reach our target of $20.7K, which we anticipated to hold as a ceiling. So far, our projection is confirmed, as we are seeing a red triangle on the KRI at this level. The Kovach OBV has risen sharply, but quickly tapered around this level suggesting we may be at a ceiling. If so, expect support from $20K then $19.5K. If not, the next target is $22.4K.
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Disclaimer
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.