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Bitcoin Finds Support Again at $20K

Bitcoin rallied, but yet again, this has proven to be a bull trap. We found immediate resistance at 22.4K, one of our technical levels. Resistance was confirmed by a red triangle on the KRI, and we subsequently dumped back down to support at around 20K. Though we are seeing support at 20K for now, it looks quite weak, and the Kovach OBV is trending down. If support breaks, the next level of support is 18.6K. The next level after that is 17.6K, which is likely the floor for now. If we are able to pivot off current levels, we do not expect BTC to be able to break 22.4K any time soon.

quantguy

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Bitcoin Rips, Meets Resistance

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