Bitcoin Retraces, will the Rally Continue??
Bitcoin / U.S. dollar BITSTAMP:BTCUSD
Bitcoin has hit our price target of $43.1K, but fell short of our expectations to contiune the rally. Although stocks are strong, their strength does not seem to be met by the newly established intermarket correlation with Bitcoin . Two red triangles on the KRI have confirmed resistance at $43.1K. There is strong support around $41K and we anticipate it to hold, but if not there is no reason we should expect to see any lower prices than $40K. The Kovach OBV has slumped, suggesting momentum has let up a bit. We are still hopeful of a bull rally to our next target of $45K, but are skeptical with the lack of momentum.
