Bitcoin Holds a Narrow Range
As predicted yesterday, Bitcoin had prohibitive resistance at 19.5K, and was not able to even test the 20K's. There are numerous red triangles on the KRI suggesting that every attempt to do so was thwarted. We are currently testing 19.0K, the next level down, which we anticipated yesterday as well. So far it looks like this level is holding and if so, expect Bitcoin to drift between 19.0K and 19.5K, which is a very narrow range. Almost a Billion worth of Bitcoin was taken off one exchange, which will result in a lack of liquidity and supports our idea of a slow drift until more signficant momentum can come through. We expect 18.6K to hold as a floor for now, with 20K as a ceiling.
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