Bitcoin Continues to Retrace

Bitcoin has edged downward as hopes of a more dovish Fed were smacked down by the FOMC yesterday, which indicated further tightening is necessary. We have rejected 20.7K for now, but are meandering in the vacuum zone between this level and support below at 20K. The next target for support should be 19.5K. If this is just a pull back into a broader up-trend, then we must break through 20.7K before we can consider our next target at 22.4K. However, the Kovach OBV is weakening suggesting we will need more momentum to attain higher levels.