Relief Rally in Bitcoin... Don't Get Excited Yet...
We were calling a relief rally in Bitcoin and it appears as though we have finally seen it. It was paltry for a crypto rally, but it looks like this is all we have for now. Bitcoin spiked up to 48.2K, the exact level we identified yesterday. Subsequently, two red triangles on the KRI highlighted resistance at this level. We appear to be in the process of rejecting it back to support at 47.4K or 46.2K, where we will likely establish value into the New Year. If not, there is a vacuum zone above to 49.7K which is the final barrier to 50K.
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