BTC/USD outlook: Bitcoin hits series of new record highs on the way towards 90K target
BTC/USD
Bitcoin keeps firm tone and rose to new record high above 82K early Monday, after advancing almost 5% previous day, when psychological 80K barrier was taken out.
It received fresh boost from euphoria surrounding Trump’s election victory, following his campaign‘s crypto favoring promises.
Continuation of post-election rally after a brief consolidation signal that market digested the news which further firmed bullish stance.
Bulls are currently running on extended third wave of five-wave cycle from Sep 7 low (52563) which rose above FE 161.8% (81210), eyeing immediate target at 83228 (FE 176.4%), with further acceleration to bring in focus 86489 (FE 200%) and unmask psychological 90K barrier.
Meanwhile, corrective actions should be anticipated as daily studies are overbought and indicators turned sideways (including stretched 14-d momentum).
Dips are likely to be limited and provide better levels to re-join strong bullish market.
Broken 80K support (which contained today’s action) reverted to initial support, followed by rising 5DMA (78258) and broken resistance of larger bull-channel (75140), rising 10DMA (74170) and former top of Oct 29 (73615) where dips should find firmer ground.
Res: 83228; 84000; 85000; 86489.
Sup: 81170; 80000; 78258; 75140.
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.
