BTC/USD extends steep fall below psychological 70K support

Slobodan Drvenica Windsor Brokers

BTC/USD extends steep fall into second straight day, as bears accelerated after emerging below thick daily cloud on Monday (cloud base contained four consecutive attacks before break) to hit the lowest levels in nearly two months.

Fresh weakness broke psychological 70K support as well as Fibo level at 69151 (76.4% of 64929/82463 rally), with close below these levels to generate strong bearish signal for further drop.

Daily MAs turned into full bearish configuration (following Monday break of 100DMA) and formed several bear-crosses that contribute to weakening near-term structure, as negative momentum continues to strengthen.

Bears eye key short-term supports at 65500 and 65000 zone (lows of late March / early April), but oversold daily studies suggest that downtrend is likely to pause for consolidation before resuming.

Broken 70K level reverted to initial resistance which should ideally cap, with broken 100DMA (73252) and cloud base (73875) expected to limit extended upticks and keep larger bears in play.

Res: 69151; 70000; 73252; 73875
Sup: 67000; 66260; 65500; 65000

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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