TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
|

Bitcoin outlook: Congestion at 90K zone – Initial signs of fatigue or consolidation for further gains?

Bitcoin outlook: Congestion at 90K zone – Initial signs of fatigue or consolidation for further gains?
Slobodan DrvenicaSlobodan DrvenicaWindsor Brokers

Bitcoin remains well supported and holding near new record high at 93.5K, although facing difficulties to sustain gains above cracked psychological 90K barrier.

Long upper shadows on daily candles of today / Wednesday, send warning of potential fatigue, with repeated failure to register close above 90K to generate initial signal of formation of bull-trap on daily chart.

Overbought conditions, with stretched 14-momentum and stochastic emerging from overbought zone, contribute to such scenario, though more work at the downside will be required to validate signal.

On the other hand, various factors, with dominating role of ‘Trump trades’ continue to strongly underpin bitcoin price and keep in play scenario of extended consolidation before bulls resume.

Stand aside while the price holds within current congestion and await initial direction signal on violation of either boundary.

Rising 5DMA (86790) offers immediate support, followed by Tuesday’s spike low (85132) and upper 20-d Bollinger band (83839), guarding 10DMA (80810) and psychological 80K pivots.

New record peak (93539) acts as initial resistance, followed by 95029 (FE 261.8% of the third wave of five-wave cycle from 52563) and magic 100K barrier.


Res: 90000; 91856; 93539; 95029

Sup: 86790; 85132; 83839; 80810

Author

Slobodan Drvenica

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.

More from Slobodan Drvenica
Share:

Editor's Picks

Pepe Price Forecast: PEPE signals trend reversal amid a short squeeze

Pepe Price Forecast: PEPE signals trend reversal amid a short squeeze

Pepe price is up nearly 30% in the last 24 hours, outperforming most top cryptocurrencies and hinting at further upside potential. Derivatives data suggest a short squeeze of more than $2 million during the same period, forcing traders to buy back positions in the meme coin. The technical outlook for PEPE indicates an upside bias as bullish momentum strengthens.

Crypto Overview: Bitcoin tops $85,000 post-CLARITY Act failure – TAO and FET lead gains

Crypto Overview: Bitcoin tops $85,000 post-CLARITY Act failure – TAO and FET lead gains

Bitcoin price trades above $85,000 maintaining a constructive tone amid positive institutional inflows, Strategy’s first BTC purchase since August, and alternative regulatory expansions following the CLARITY Act's failure. AI tokens such as Bittensor (TAO) and FET have emerged as top performers over the last 24 hours.

Ripple and Stellar outlook: Momentum improves as bulls target further gains

Ripple and Stellar outlook: Momentum improves as bulls target further gains

Ripple (XRP) and Stellar (XLM) stabilize after extending their gains by nearly 9% at the start of the week. Improving momentum indicators support XRP and XLM bullish price action and hint at further rally. Meanwhile, traders should remain cautious as mixed derivatives data could limit upside as both tokens try to sustain their recent upswing.

Ethereum Price Forecast: ETH rallies above $2,700 as investors shrug off bearish sentiment

Ethereum Price Forecast: ETH rallies above $2,700 as investors shrug off bearish sentiment

Ethereum climbed above $2,700 on Monday after investors defended the realized price level despite negative sentiment over the Clarity Act's failure and the Federal Reserve rate hike. After the Clarity Act failed to advance in the Senate, ETH dipped below $2,400 last week. But right below that price is the top altcoin's realized price, or average on-chain cost basis, at $2,310.

Bitcoin: BTC shrugs off CLARITY Act setback and hawkish Fed

Bitcoin: BTC shrugs off CLARITY Act setback and hawkish Fed

Bitcoin (BTC) price action has remained resilient this week, trading above $78,000 at the time of writing on Friday, heading toward a key resistance zone. Institutional demand shows early signs of weakness, with spot Exchange Traded Funds (ETFs) on track for a second straight week of outflows, with over $420 million recorded through Thursday amid escalating Middle East tensions.