Bitcoin Breaks Down
Bitcoin has broken down from a head and shoulders type pattern with a neckline at 36.7K. We appeared to be gearing up for a run to 40K, but 
39K provided prohibitive resistance, with several red triangles confirming resistance as every attempt at higher levels was thwarted. From there, we found good support at 36.7K and appeared to be ranging between 36.7K and 37.7K. However support did not hold and we have since broken into the vacuum zone between 34.9K and 36.7K. The Kovach OBV seems quite flaccid, and we will need to see more momentum come through either way before we can expect any action. If we break down further, we could transcend the vacuum zone down to 34.9K. If we catch momentum, expect BTC to test 39K again, which is the final barrier to 40K.
39K provided prohibitive resistance, with several red triangles confirming resistance as every attempt at higher levels was thwarted. From there, we found good support at 36.7K and appeared to be ranging between 36.7K and 37.7K. However support did not hold and we have since broken into the vacuum zone between 34.9K and 36.7K. The Kovach OBV seems quite flaccid, and we will need to see more momentum come through either way before we can expect any action. If we break down further, we could transcend the vacuum zone down to 34.9K. If we catch momentum, expect BTC to test 39K again, which is the final barrier to 40K.
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