Bitcoin Sells Off!! Hits Our Target of $38K!!
As predicted, Bitcoin has sold off sharply to find support at 38K. Dedicated readers should be well familiar with this level and we have been calling it out as a target for over two weeks now. We found support exactly at our level at 38.2K. If you recall, this was the 0.236 level on our daily Fibonacci levels. This is the last level, so if this does not hold, there is a vacuum zone down to 29K. The Kovach OBV has fallen notably, and barely shows any sign of picking up. In the event of a massive selloff, we might expect Bitcoin to find support and a generous pivot as investors pile in at lower prices. However, we still aren't seeing the kind of buying interest we'd expect from such a fire sale in BTC. This could suggest that there is another leg to this selloff. The next targets are 37.7K and 36.7K. If we do see a buyback then 40K will provide significant resistance.
Note
Bitcoin hits 37.7K!!
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