Bitcoin melted down yesterday, as risk-on assets got annihilated. Alerts kept pouring into our phones as Bitcoin sold off further and further. We blasted through significant levels of supportand dipped into the $29K's, albeit briefly, before we saw some buying interest. It is reasonable at this point, after being so oversold, for there to be a relief rally, but it still does not appear that we've reached 'max pain'. We were able to test $32.3K again, but the Kovach OBV has not registered any significant buying. It is still very bearish, but tapering ever so slightly, suggesting perhaps a brief correction to the bear trend. If we can break $32.3K, then we should have resistance from the $34K's. Recall that $34.9K is a significant Fibonacci level. If we fall further, we will establish the $20K's again, with $28.8K being the next target.
Join my discord at discord.io/quantguy
