BTC/USD outlook: Strong bounce retraces over 50% of last week's 12% drop
|BTC/USD
Bitcoin extends strong bounce from new multi-week low ($60227), recovering over 50% of last Fri/Sat almost 12% fall and sidelining downside threats for now.
Fresh rally emerged above thick daily cloud, with close above cloud top ($64710) seen as initial bullish signal and minimum requirement to keep near-term action biased higher, however more work at the upside will be needed as technical studies on daily chart are mixed and lack clear direction signal.
Sustained break above $68000 zone to confirm reversal and push the price in the upper part of recent $73839/$60277 range), for attack at next pivotal barriers ($70000 / $71300).
Conversely, returning and closing within daily cloud would weaken near-term structure and increase pressure.
Res: 67757; 68000; 68325; 69795.
Sup: 65201; 64710; 63183; 61707.
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