Bitcoin extends recovery on brightening trade outlook
BTCUSD rises for the fourth consecutive day, extending recovery from last week’s double rejection just above psychological 100K.
Bitcoin received fresh boost from renewed risk appetite, as markets feel relief on start of US-China trade talks and expect positive outcome, that continues to fuel positive sentiment.
The pair rose over 1.5% until early US session on Monday and hit over 61.8% retracement of pullback from new all-time high (112017) to 100378 (correction low) that further improves near term picture.
Daily MA returned to full bullish setup, with ascending and thickening daily cloud continuing to underpin the action, though a warning from overbought stochastic and 14-d momentum still holding just under the centreline, to be considered.
Dily close above broken Fibo 50% and daily Kijun-sen (106198) is minimum requirement to keep fresh bulls intact for attack at 109270 (Fibo 76.4%) and psychological 110K target in extension.
Res: 108966; 109297; 110000; 110802
Sup: 106572; 106198; 104854; 103162
Author
Slobodan Drvenica
Windsor Brokers
Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.
