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Bitcoin outlook: Recovery accelerates and adds to signals of an end of corrective phase

Bitcoin outlook: Recovery accelerates and adds to signals of an end of corrective phase
Slobodan DrvenicaSlobodan DrvenicaWindsor Brokers

Recovery from correction low ($60688) extends into third consecutive day and accelerates on Monday, adding to signals that corrective phase from new record high ($73839) might be over.

Fresh advance rose above 61.8% Fibonacci retracement of $73839/$60688 pullback and pressuring psychological $70000 barrier.

Improving daily technical studies supports the action, although 14-d momentum is still in the negative territory and requires caution.

Broken 20DMA ($67933) reverted to support and daily close above this level is needed to keep the upside in focus.

Violation of $70000 pivot to generate fresh positive signal for possible retest of $73839 peak.

Dips should be shallow and ideally contained by broken 50% retracement level ($67264).

Only return below 10DMA ($66300) would sideline bulls.

Res: 70735; 71000/ 72406; 73839

Sup: 68815; 67933; 66300; 65712

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.

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