Bitcoin outlook: Near-term bias to remain bullish above 66K
Bitcoin stands at the back foot following repeated failure to clear psychological 70K barrier, though near-term action is still holding within a range (66915/71933), part of larger consolidation below new record high and moving in a sideways mode.
Daily studies are weakening (fading bullish momentum, price closed below 10DMA), but overall picture is predominantly bullish.
Extended dips should find firm ground above 66K zone (range floor / rising 20DMA) to keep larger bulls in play for fresh attempt through 70K pivot, with sustained break here to generate strong bullish signal on completion of cup and holder pattern on daily chart.
This would open way for fresh acceleration higher and expose targets at 71933 and 72750, guarding a record high at 73839.
Caution on loss of 66K handle, which would weaken near-term structure on a double bull-trap above Fibo barrier at 68898 and risk deeper correction of 56427/71933 upleg.
Res: 68898; 70000; 70584; 71933
Sup: 67151; 66515; 66000; 65121
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.
