Bitcoin Retraces

Bitcoin showed signs of strength, breaking through our target at 20.7K and making a concerted effort for the next target of 22.4K. However, we met stiff resistance around 21.4K and immediately retraced. We are seeing support at 20.7K, which once provided resistance, confirmed by green triangles on the KRI. The Kovach OBV has slumped, suggesting the bull run has receded for now. We are seeing a general (weak) bull rally, but this can easily be retraced if support breaks. If this is the case, note the vacuum zone below to 19.5K. If momentum can reignite then 22.4K is our next target.