Bitcoin outlook: Rises 9% and hits new record high as Trump's victory strongly boosts bullish sentiment
Bitcoin was the top winner in post-US election trading on Wednesday, advancing 9% in immediate reaction to Trump’s election victory.
Strong rally spiked to new record high (75411), before partial profit taking pushed the price to 72700, the bottom of consolidation range.
Larger bulls remain firmly in play as bitcoin received strong boost from Trump’s victory, as he was very supportive for the crypto market in his campaign.
Return above 74K zone (psychological / bull channel upper borderline) suggests that near term corrective phase is close to its end.
Close above channel resistance trendline to further strengthen bullish structure, as positive momentum remains strong, and MA’s are in full bullish configuration.
Broken channel resistance line (73900) reverted to initial support, followed by upper 20-d Bollinger band (72930) and consolidation range floor (72700), guarding key support and lower breakpoint at 70K (psychological).
Violation of recent record high to expose immediate targets at 76231; 77847 and 77850 (Fibo projection) ahead of round-figure 80K barrier.
Res: 75411; 76231; 77847; 77850
Sup: 73900; 72930; 72700; 72000
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.
