Bitcoin Gains Off Dollar Selloff and Risk On Pivot

28 Eyl 2022

Bitcoin pivoted off of 18.6K. We anticipated support off of this level, and a bid in risk-on assets combined with a selloff in the USD was able to lift BTC to 19.5K. Currently, this level is offering significant resistance, although the Kovach OBV has picked up a bit. We don't anticipate much more action, but if so, 20K is a likely ceiling. We expect a retracement back to 18.6K, and if that does not hold, then 17.6K is a likely floor.