Bitcoin Maintains a Narrow Range

3 במאי 2022

Bitcoin is ranging after findng support at 37.7K. This level held despite a strong selloff in stocks, however we did not see much of a buyback and are still bound by 40K above. Volatility has consolidated significantly, between 38.2K and 39.2K. The Kovach OBV has completely flatlined, suggesting that we will need some momentum to come through either way before BTC makes its next move. We are starting to look very oversold, so a relief rally is due, but we 40K will be a significant target to break. If so, we can expect further resistance around 42K. Though we expect 37.7K to hold, the next level below is 36.7K if we break down.