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


The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

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