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BTC/USD outlook: Bitcoin price continues to rise, but do not ignore strong signals of correction

BTC/USD outlook: Bitcoin price continues to rise, but do not ignore strong signals of correction
Slobodan DrvenicaSlobodan DrvenicaWindsor Brokers

BTC/USD

Bitcoin regained traction early Wednesday and rose to new record high, after bulls took a brief breather previous day.

Demand remains very strong on huge inflows into recently approved ETF’s, which continues to inflate the price (bitcoin was up around 180% since September).

Sustained break above $70000 level further strengthen the structure for attack at initial target at $74767 (FE 300% of the third wave from $24129 (Aug low), guarding psychological barrier at $80000 and $81531 (Fibo 123.6% projection of the rally from $15437, 2022 low).

Caution on strongly overbought daily studies and diverging momentum indicator which point to growing risk of correction.

Res: 74767; 75561; 76200; 80000.
Sup: 73000; 70650; 70000; 68750.

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.

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