Bitcoin Retraces

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Bitcoin has retraced from 22.4K, as anticipated. We did not see much reason for the rally, and felt that 23.9K was a bit top heavy, especially after such a hard sell off from June. We have returned to the value area between 18.6K and 22.4K. We appear to be getting good support around 22K, but the next support level is 20.7K if this does not hold. If that breaks there is a vacuum zone back to 18.6K. If we are somehow able to break out, then 23.9K should hold strong, providing significant resistance.