Bitcoin Tests $39K!! Pivots Back to $40K's
Bitcoin saw a substantial selloff yesterday, and broke through to the 30K handle briefly. This dip was immediately bought back, which could suggest a bottom to the bear market at least for now. Recall that prior selloffs were reluctant to get bought back and stabilized in their new price range. However this time, Bitcoin tested the 
39K's before getting bought back to value in the 
42K's. We aren't hopeful for a bull run just yet, but it appears the markets feel the low 40K's are fair value for now. That being said, the fact that we tested 39K in the first place is not a particularly healthy sign for BTC. Watch for further tests into lower price territory as the more we feel out these levels, the more comfortable we are at holding them. Currently, we appear to be holding onto the narrow range established earlier this week, between 40K and 42K. This is still a relatively narrow range for Bitcoin. Watch the vacuum zone above to 43.1K, which seems to be the level to break before we can consider 45K's. From below, 40K seems to be holding strong, but 38K is the next target below should we test lower levels again.
39K's before getting bought back to value in the 42K's. We aren't hopeful for a bull run just yet, but it appears the markets feel the low 40K's are fair value for now. That being said, the fact that we tested 39K in the first place is not a particularly healthy sign for BTC. Watch for further tests into lower price territory as the more we feel out these levels, the more comfortable we are at holding them. Currently, we appear to be holding onto the narrow range established earlier this week, between 40K and 42K. This is still a relatively narrow range for Bitcoin. Watch the vacuum zone above to 43.1K, which seems to be the level to break before we can consider 45K's. From below, 40K seems to be holding strong, but 38K is the next target below should we test lower levels again.
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