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BTC/USD outlook: Bitcoin accelerates lower and cracks important supports

BTC/USD outlook: Bitcoin accelerates lower and cracks important supports
Slobodan DrvenicaSlobodan DrvenicaWindsor Brokers

BTC/USD

BTCUSD fell to the lowest in six weeks on Thursday, with daily loss of over 3% seen on acceleration of the bear-leg that extends into third consecutive day.

Fresh rise in oil prices on renewed tensions in the Middle East, was mainly behind today’s drop, which cracked 100DMA (73017) and pressured next significant support at 72221, provided by the base of daily Ichimoku cloud.

Bearish daily studies (strengthening negative momentum; 1055DMA and 20/30DMA bear crosses) contribute to negative near term outlook, with sustained break below 100DMA, daily cloud and nearby Fibo 61.8% of 64929/82463 (71627), to unmask psychological 70K support.

Meanwhile, bears may take a breather before final push lower, with limited upticks on partial profit-taking to provide better levels to re-enter bearish market.

Cloud top, reinforced by falling Tenkan-sen (75400) should cap upticks and keep bears in play.

Res: 73696; 75400; 75765; 77709.
Sup: 72221; 71627; 70000; 69067.

Chart

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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