Can Bitcoin Hold $40K??
Bitcoin / U.S. dollar BITSTAMP:BTCUSD
Bitcoin has taken another sharp turn lower in tandem with stocks. As discussed in the last report, we are currently seeing support at the base of the $40K handle, though we did break lower into the $39K’s albeit briefly. We did see nice support from $39.2K, confirmed by a green triangle on the KRI . However, we are not seeing the buy back that we would expect if buyers were enticed by lower levels. In fact, we are seeing very little pivot and barely reclaimed the $40K’s. If we do pivot from current levels, expect strong resistance in the $41K’s. If we continue to dump, then $39.2K and $38.2K are likely targets.
