BTC/USD outlook: Bitcoin bounces over 3% after recent pullback found footstep just above 90K support
BTC/USD
Bitcoin bounced from correction low (90732), advancing 3.1% until early American trading on Wednesday.
Fresh strength emerged after a four-day pullback from new record high (99807) found firm ground just above psychological 90K support (reinforced by rising 20DMA), generating an initial signal that corrective phase may be near its end.
Wednesday’s rally so far retraced over 38.2% of 99807/90732 pullback and neared round-figure 95K barrier (reinforced by 10DMA), break of which (and nearby 50% retracement at 95270) to further strengthen near term structure for stronger recovery.
Fresh rise in positive momentum on daily chart supports the recovery for another attack at magic 100K barrier, though more headwinds here could be expected, suggesting that extended consolidation may precede final through 100K pivot.
Overall BTC sentiment remains strong, with firm bullish bias above 90K and warning that holiday-thinned volumes may produce increased volatility on Thursday.
Res: 95000; 95270; 96340; 97665.
Sup: 93169; 91501; 90732; 90000.
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.
