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BTC/USD outlook: Bitcoin pressures psychological 60K support following 4% drop on Monday

BTC/USD outlook: Bitcoin pressures psychological 60K support following 4% drop on Monday
Slobodan DrvenicaSlobodan DrvenicaWindsor Brokers

BTC/USD

Bitcoin fell around 4% by early US trading on Monday, in the biggest one-dal loss since Apr 30.

Fresh acceleration lower is pressuring psychological 60K support (also near Fibo 76.4% of 56427/71929 rally).

Stretched daily studies add to signals that bears would face increased headwinds on approach to 60K pivot, with upticks to stay under the base of thick daily cloud (64214) to keep bears in play and offer better selling levels.

Sustained break through 60K zone to open way for test of 200DMA (57331) and test of key support at 56427 (May 1 low).

Res: 62349; 63235; 64214; 64815.
Sup: 60085; 60000; 58608; 57331.

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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