Bitcoin is still maintaining the range between $47.4K and $45.6K. We have continued to establish value in this area since the tail end of 2021. The lack of buying interest, low liquidity, choppy trading, and very narrow range aren't positive signs for the flagship cryptocurrency. Every time we attempt a small rally, it is immediately batted down, confirmed by red triangles on the KRI. The level $45.6K does appear to be providing support, but the longer we keep testing this level, the more comfortable we are in breaking it. If so, $45.0K and $43.8K are the first levels of support below, but in the event of a proper crypto dump, we could easily feel out the low $40K's. If we can muster the strength to break $47.4K, $48.2K is the next target.
Comment:
Boom!! As discussed all week, we have finally seen the dip down to $43.8K in Bitcoin. We noted the price action seemed ominous and were expecting a dump. Our levels held perfectly though! Cheers! 🤑😎
Join my discord at discord.io/quantguy
