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BTC/USD outlook: Bitcoin increased bearish pressure after a loss of pivotal 60K support zone

BTC/USD outlook: Bitcoin increased bearish pressure after a loss of pivotal 60K support zone
Slobodan DrvenicaSlobodan DrvenicaWindsor Brokers

Bitcoin fell to the lowest since Feb 27 on Wednesday, as fresh acceleration lower extends into third straight day, boosted by fading bets for the start of Fed rate cuts in the near future.

Monday’s break and close below daily cloud base (60770), Fibo 38.2% of 38501/73839 (60340) psychological 60000 support generated strong bearish signal, which will be boosted by close below rising 100DMA (59106).

Bears pressure next pivotal support at 56170 (50% retracement of 38501/73839), loss of which would open way for deeper drop.

Weekly close below the floor of recent consolidation range at 60000 zone would add to reversal signal and put larger bulls on hold for stronger correction.

Only return and weekly close above 60000zone would sideline immediate downside threats and signal false break lower.

Res: 59106; 60000; 60340; 61074

Sup: 56170; 54179; 53017; 52000

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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