quantguy

Bottom Near for Bitcoin??

Short
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin has fallen deeply into the $20K's, but found support at $25.1K. We have subsequently rallied and appear to be attempting to claw back to $30K. We anticipated yesterday, that $28K was a target if we got some momentum, and we were able to meet and break that target. However, the $30K's appear to be giving us some resistance at $30.2K and $31.0K. The Kovach OBV has picked up notably. A swing of $5K is exactly what we would expect from crypto near a bottom. However, don't get caught in a 'bull trap' as we may press lower once more. If so, $25K should be considered a lower bound for now, however keep in mind, that on the daily charts there is a vacuum zone below to $19K, a strong technical and Fibonacci level.

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