Bitcoin rallied, but yet again, this has proven to be a bull trap. We found immediate resistance at $22.4K, one of our technical levels. Resistance was confirmed by a red triangle on the KRI, and we subsequently dumped back down to support at around $20K. Though we are seeing support at $20K for now, it looks quite weak, and the Kovach OBV is trending down. If support breaks, the next level of support is $18.6K. The next level after that is $17.6K, which is likely the floor for now. If we are able to pivot off current levels, we do not expect BTC to be able to break $22.4K any time soon.
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