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BTC/USD outlook: Bears gain traction and violate important supports

BTC/USD outlook: Bears gain traction and violate important supports
Slobodan DrvenicaSlobodan DrvenicaWindsor Brokers

Bitcoin

BTC/USD remains under pressure and cracks the floor of recent consolidation range (82500 zone, reinforced by Fibo 38.2% of 74858/87385 upleg), in extension of Wednesday’s 2.6% drop (the biggest daily loss since Sep 15).

Bitcoin was hit by fresh wave of risk aversion, with break below 20DMA on Wednesday and violation of 82500 higher base, to further weaken near-term structure.

Clear break of the latter is needed to validate negative signal and expose next target at 81120 (50% retracement) and open way for potential attack at psychological 8000 support (also near Fibo 61.8% of 74858/87385).

Caution on failure to clear pivotal 82500 support zone at the first attempt that may keep the price within existing range but bearishly aligned while the price holds below converged 20/10DMAs (84210/84400 respectively).

Res: 83478; 84210; 84430; 85650.
Sup: 82600; 82100; 81120; 80000.

Bitcoin

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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