Bitcoin outlook: Hits new record high above 100K

Slobodan Drvenica Windsor Brokers

BTCUSD hit new record high near 108K on Monday, lifted by euphoria about President-elect Donald Trump’s pro-crypto stance, which culminated after he reiterated his plans to create a US bitcoin strategic reserve.

I already spoke about possibility of Bitcoin becoming new US strategic asset in one of my recently published videos and highlighted the potential prospects for much stronger rise of the largest crypto currency if such scenario materializes.

The latest rally adds to growing signals of sustained break through magical 100K barrier, as the price is on track for new fastest move between two round-figure levels, after Bitcoin travelled five days from 70K to 80K and continued at the same pace from 80K to 90K.

Current price action is in the second consecutive day above 100K and pressuring 110K resistance (today’s new all-time peak was 107800).

Strong positive sentiment was reinforced by the latest Trump’s comments, which are likely to continue to inflate the price.

Bullish technical studies complement the overall bullish picture, with brief pauses likely to interrupt rally and provide better levels to re-enter bullish market.

Headwinds on approach to psychological 110K barrier to be anticipated, as round figure levels are usually significant points, with overbought daily studies adding to signal.

Dips to face initial support at 104K (former top) and should stay above broken 100K (reverted to solid support) to keep bulls intact.

Res: 107800; 110000; 111400; 112000

Sup: 104000; 102600; 100000; 99992

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.

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