Bitcoin Edges Higher

Bitcoin is edging up, but is still bounded by $22K or so. We have a strong level at $22.4K, but we can't even muster the strength to test this. We did see strong support around $20K, so it does not seem like BTC is weak enough to test the $18K's or $19K's and establish the range we held when we tested lows. However, the Kovach OBV is still bearish, so we have a slight bear divergence. We are likely not to see any momentum until Fed's Powell speaks at Jackson Hole at 10AM EST. If he sounds dovish, we could see a rally to $22.4K or the next level at $23.9K. Otherwise, expect continued support in the $20K's.