quantguy

Bitcoin Tests Low $40K's Again...

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin faced a sharp selloff at relative highs. We identified $43.8K as a key level, and barrier to higher levels in the $40K handle. Bitcoin appeared to make an attempt to break higher, but several red triangles on the KRI thwarted every attempt and confirmed resistance here. This pohibitive resistance amounted to a sharp correction, and we have fallen back to support in the $41K's, currently testing $41.9K. We warned you earlier this week that the rally looked weak. We should see support hold from levels in the $41K's, but if not, the next level is $40.8K, then $40K. We will see how the weekend pans out and whether Bitcoin is comfortable in the $40K's or wants to make another run for the $30K's. If so, then $38K is a key level we are eyeing.

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