Thoughts on Bitcoin's Rally
A strong buying impulse in Bitcoin pushed us past 19.5K and hit our target and anticipated ceiling of 20K. As anticipated, we are seeing extreme resistance here, confirmed by a red triangle on the KRI. The Kovach indicators are very strong, suggesting that this rally has some momentum behind it. This stands in stark contrast to persistent selloffs in virtually every other risk-on asset. One possible explanation for this this is inflows from the Russian market seeking to fund their exodus from a potential draft. If the rally continues, we are sure to meet further resistance at 20.7K, with 22.4K as a likely ceiling. If we reject current levels, then 18.6K should provide support once more.
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