Bitcoin outlook: Cracks psychological 90K barrier in post-election euphoria – 100K target coming in sight
Bitcoin
Bitcoin cracked psychological 90K barrier in early Tuesday trading, in extension of Monday’s 10% rally (the biggest daily gain since May 15).
Bitcoin remains in steep bullish acceleration since Trump’s election victory (advanced 30% since Nov 6 morning), as demand exploded on expectations that Trump’s administration will be, according to campaign promises, crypto friendly.
The fact that Bitcoin moved from round figure 80K to the next one at 90K in just a bit more than one day, describes the strength of the latest rally and starts to materialize expectations for attack at psychological 100K target that I predicted in my comments and speeches in early October.
On the other hand, overbought daily studies suggest that traders may collect some profits from strong rally in past few days, with headwinds already being evident at 90K zone.
Since the bullish sentiment remains very strong, on euphoria over Trump’s victory, corrective actions are likely to be shallow and mark positioning for push through 90K.
Solid supports at 86500 / 84000 zone should ideally contain dips and keep intact lower pivot at 80K.
Res: 90000; 93016; 95000; 98940.
Sup: 86424; 85631; 84113; 81968.
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.
