Bitcoin is facing resistance around $20.4K, with several red triangles on the KRI to serve as confirmation around this level. This follows a higher than expected weekly unemployment figures and statements from the Fed that their rate hike outlook will remain hawkish. The Kovach OBV has wavered a bit suggesting we will need more momentum to come through to hit $20.7K. We expect the current range to hold with $19.5K as a lower bound and $18.6K to hold as a floor price. We don't expect any strong momentum to come through, but if so, we must break $20.7K to reestablish the $20K's and consider higher levels.
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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.