Bitcoin is holding a very narrow range, stubbornly refusing to cooperate with a recent intermarket correlation with stocks. Although stocks broke out to higher levels, BTC has remained in a very narrow comfort zone between $38.2K and $39K. We have made several attempts at higher levels which were immediately thwarted by resistance at $39K, confirmed by several red triangles on the KRI. From here it could go either way: if delayed momentum kicks in, then $40K is our next target, which will be a significant attempt for BTC. If not, we will have support at $36.7K, and $34.9K after that, if we cross the vacuum zone. The Kovach OBV is trending downward, so watch this bear divergence.
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