Bitcoin Tests $40K!!

5 May 2022

Bitcoin had a small relief rally from lows at 37.7K as we anticipated yesterday. We weren't expecting anything big, but the double bottom at lows and sold off conditions predicted a small bounce. The rally in stocks helped as well. Currently, we are facing resistance from 40K, confirmed by a red triangle on the KRI. We expect resistance here, but if we are able to break through we will surely face more resistance at 42K, which is likely a barrier for now. If we reject 40K, then we could feel out the range between 40K and 37.7K, the latter likely to hold as a floor price for now.