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.
Comment:
Bitcoin hits $37.7K!!
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