Bitcoin Tumbles from Fed Rally

Bitcoin has sold off from the relative highs it saw from the Fed rally. We wavered just below 49.7K, where we voiced skepticism at higher levels yesterday. A red triangle on the KRI suggested strong resistance just under this level. From there we retraced almost the entire move, finding support just above our level at 46.2K. We should see support at 46.2K and 45.6K, with 45K likely a floor. But we emphasize that this is normal crypto behavior for this time of year and the best investment strategy might be to accumulate at these lower levels. The Kovach OBV has leveled off and ticked down with the selloff, so we will need stronger momentum to come through to test higher levels gain, with 48.2K and 49.7K being the next targets above.