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Bitcoin outlook: Repeated failures at 120K barrier warn of further sideways action

Bitcoin outlook: Repeated failures at 120K barrier warn of further sideways action
Slobodan DrvenicaSlobodan DrvenicaWindsor Brokers

BTC/USD

BTCUSD continues to trade in the sideways mode for the seventh straight day, with repeated failures to register close above psychological 120K level indicating that larger bulls might be losing traction after last Monday’s short-lived spike to new all-time high above 123K.

The notion could be supported by overbought weekly studies and weekly action being so far shaped in Doji candle which signals indecision.

This also indicates that bulls may hold under 120K for extended consolidation, before fresh push higher.

Dips should be ideally contained at 117.3/116 K zone (rising 10DMA / current range floor), with potential deeper pullback to find firm ground at 112.7 / 112 K zone (20DMA / former top) to keep larger bulls in play.

Res: 120000; 121030; 123260; 127100.
Sup: 118400; 117300; 116000; 113500.

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
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