BTC/USD outlook: Bears regain control after limited correction
BTC/USD
BTC/USD fell sharply in early trading on Monday (around 6% until the mid-European session) retracing over 50% of 80514/93052 upleg and signaling that corrective phase from 8-month low (80514) might be over.
Larger bears regained control after recovery attempts were repeatedly capped by falling 20DMA and weekly cloud top, with break of psychological 60K support (also the floor of the latest four-day consolidation and strong acceleration lower, confirming bearish signal.
Daily MAs returned to full bearish configuration and negative momentum continues to strengthen, contributing to growing negative near-term outlook.
Close below broken 50% (86783) to keep fresh bears firmly in play for attack at 85304 (Fibo 61.8%), loss of which to open 83473 (76.4%) and expose key supports at 80514 (Nov 21 multi-month low) and 80K (psychological).
Potential upticks should be capped under broken 10DMA (88903) to keep near-term bears in play.
Res: 86783; 88262; 88903; 90000.
Sup: 85304; 83473; 80512; 80000.
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.
