Bitcoin DUMPS again!! Will $40K Hold??

٧ يناير ٢٠٢٢

Bitcoin has continued to sell off, reaching lows at around 40K exactly as we anticipated. If this does does not hold then we are clear to test the 30K's with 38.2K as a target level. This is derived from Fibonacci levels on our longer term outlook on the daily chart. This is a significant level, as the next major Fibonacci level down from here is at 29K. We should see support start to form if we are to stop the bleeding into the 30K's or 20K's. We did see a sharp bounce from 40.8K, but we were only able to recover to 42K or so, which suggests that these lower prices in the low 40K's were still not enticing enough for potential buyers. The Kovach OBV is still hugging lows, barely flinching with the pivot. It seems like we are still in need of a 'fire sale' to stoke buying interest in BTC. If we do see buying interest form later today, then 43.1K and 43.8K are the next targets.