TRENDING:
Oil price
XAU/USD
EUR/USD
Trade War
GBP/USD
Silver
Sponsored by
Login
|

BTC/USD outlook: Bitcoin keeps bullish bias but daily cloud limits the action for now

BTC/USD outlook: Bitcoin keeps bullish bias but daily cloud limits the action for now
Slobodan DrvenicaSlobodan DrvenicaWindsor Brokers

BTC/USD

Bitcoin is trading in a quiet mode on Wednesday, after rally in past two days faced headwinds from the base of thick daily cloud (1752), reinforced by Fibo 61.8% of 1863/1620 bear-leg.

Overbought conditions on daily chart also contribute to current conditions, although near-term bias remains with bulls, as positive momentum is still strong and DMA’s (10/20/30) are in bullish configuration.

Bullish scenario requires firm penetration into daily cloud which would bring in focus next key barrier at 1836 (cloud top/Dec 14 high/50% retracement of 2128/1548 fall) and signal bullish continuation of recovery from 2022 low (1548).

Repeated failure under daily cloud would increase downside risk, but near-term structure should keep positive stance above rising 10DMA (1689) which today formed a bullish cross with 20DMA).

Res: 1752; 1770; 1810; 1838.
Sup: 1714; 1689; 1630; 1620.

BTCUSD

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.

More from Slobodan Drvenica
Share:

Editor's Picks

Crypto Today: Bitcoin, Ethereum, XRP recovery slows amid incessant capital outflows

Crypto Today: Bitcoin, Ethereum, XRP recovery slows amid incessant capital outflows

The cryptocurrency remains in a broader corrective bias on Friday, despite majors such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) holding slightly higher than early-week support levels.

Cardano: Whale selling, cautious derivatives limit ADA rebound

Cardano: Whale selling, cautious derivatives limit ADA rebound

Cardano is trading near $0.170 at the time of writing on Friday after staging a modest rebound from last week's sharp correction. However, the recovery remains fragile as large holders have resumed reducing their positions, adding fresh selling pressure to ADA.

Experts agree: Bitcoin nears bottom, but weak demand raises doubts

Experts agree: Bitcoin nears bottom, but weak demand raises doubts

Bitcoin (BTC) is trading above $63,000 at the time of writing on Friday after rebounding from the key 200-week Simple Moving Average (SMA) near $62,000, a level widely viewed as key long-term support.

Pi Network Price Forecast: Bulls attempt comeback as bearish strength fades

Pi Network Price Forecast: Bulls attempt comeback as bearish strength fades

Pi Network is trading at around $0.120 on Friday after a modest recovery the previous day. Despite this recent rebound, traders should be cautious as a scheduled unlock of 14.8 million PI tokens on Friday could limit the token's recovery potential by increasing market supply.

Experts agree: Bitcoin nears bottom, but weak demand raises doubts

Experts agree: Bitcoin nears bottom, but weak demand raises doubts

Bitcoin (BTC) is trading above $63,000 at the time of writing on Friday after rebounding from the key 200-week Simple Moving Average (SMA) near $62,000, a level widely viewed as key long-term support. The recovery may suggest that Bitcoin has found a floor after a sharp correction that spanned more than a month, but some warning signs persist.